Eletrobras has sold its stake in Centrales Hidroeléctricas de Nicaragua for $44 million, clearing the way for the eventual resurgence of the hydroelectric project.
In a significant event notice sent to the stock market, the Brazilian company Eletrobras explained that Empresa Nicaraguense de Eletricidad (Enel) and Distribuidora de Electricidad del Norte S.A. - DISNORTE, bought its entire shareholding in CHN.
It has been announced that a court in Brazil has suspended the granting of funds to the project in Nicaragua, arguing that the financial situation of Eletrobras does not justify making an investment abroad.
A precautionary measure approved by Tribunal de Cuentas de la Unión(TCU), the watchdog of use of state resources in Brazil, has suspended the transfer of resources which had been allocated to Eletrobras for the construction, in consortium with the construction firm Queiroz y Galvao, of the Tumarín hydroelectric station in Nicaragua.
The rate for the Hydro station announced by the Brazilian ambassador to Nicaragua, will be in line with the prices of other renewable energy projects, according to entrepreneurs.
Although the government insists on not revealing the precise data, the Brazilian ambassador to Nicaragua and members of the National Assembly said that the fee is $115 Mwh, "... according to an agreement made March 20 this year."
In order to plan their investments, employers from the energy sector are asking for information on the prices negotiated for the electricity that will be provided by the operator of the Tumarín hydroelectric station.
Prensa.com.ni reports that "... Not knowing the rate charged for the generation of electricity from the Tumarín hydroelectric station causes uncertainty for other investors in the sector due to the fact that they do not know the conditions in which they would be competing and therefore, whether or not to promote new projects. The private sector is demanding transparency from the government and that they disclose details of the agreement with Centrales de Hidroeléctricas de Nicaragua (CHN), the concessionaire of Tumarín. "
Nicaragua's government has terminated a contract for the construction of a road between San Pedro del Norte and Tumarín, the access route to the project site.
The decision not to grant the necessary funds for the construction of the road connecting the project area is based on a cut made to the Public Investment Program, which was going to allocate $708,000 for the works.
The company Queiroz Galvao announced that works will begin in March, with an estimated investment of $1.100 million.
The hydroelectric plant, capable of generating 253 megawatts, would come into operation in late 2014.
The representative of the subsidiary of Queiroz Galvao and Hydro manager of Nicaragua (CHN), Marcelo Conde, told Prensalibre.com that "... Tumarín will help to reduce oil dependence and to stabilize electricity fares. It will represent Nicaragua annual savings of $ 117 million once the it starts operating."
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AES Panama is the largest electricity generation company in Panama, in terms of installed capacity as well as delivered energy.
AES Panama is a subsidiary of AES Corporation, with headquarters in Arlington, Virgina, United States, and holds the 49% of shares in the operations of this generating company.
Since late 2007, AES Panama owns four hydroelectric plants with an installed capacity of 482 Megawatts: Bayano (260 MW), Estí (120 MW), La Estrella (47.2 MW), and Los Valles (54.8 MW).
Our main clients are the three energy distribution companies in Panama: Elektra Noreste, S.A., Empresa de Distribución Eléctrica Metro-Oeste, S.A., and Empresa de Distribución Eléctrica Chiriquí, S.A., which represent the 95% of the company’s energy sales. The remaining 5% corresponds to energy sales to Great Costumers, which are businesses with monthly energy consumption greater than 100 kilowatts.
Operates in Panama
Phone: (507) 206-2652
In late 2005, AES began developing the Changuinola hydro power project and currently the project is in the phase of building the roadways to access that facility. The formal cornerstone laying ceremony took place on October 25, 2007.
The project's total completion represents an investment of approximately $563 million and the estimated date for the Changuinola hydro power plant to go into commercial operation is the first quarter of 2011. Through this new facility, AES contributes to the country's development and helps face the growing demand of energy in Panama, which requires an additional 50 MW each year.
The construction of the new Changuinola I Hydro Power Plant:
* is an asset to Panama
* will generate clean and 100% Panamanian energy
* will create opportunities for previously excluded populations
* will contribute to solve the country's energy situation
* will help Panama to continue growing
The construction and operation of the hydro power plant will be under the responsibility of AES, a multinational energy corporation with world-class standards and an active presence in Panama.
Operates in Panama
Phone: (507) 206-2600
Astaldi Group is one of the most important construction companies in the world as well as a leader general contracting and project finance initiatives in Italy.
Operates in Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama
Phone: (503) 2523-9500