Brazilian construction company Queiroz Galvao has gone into business in Nicaragua.
From offices in Managua, Queiroz Galvao is seeking strategic alliances to develop a number of projects.
As well as construction, Queiroz Galvao is involved in food processing and oil exploration. The 55-year-old company has a workforce of more than 20,000 throughout Latin America.
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."
The $350 million concession for the execution of the hydroelectric project is pending approval by the national assembly.
The consortium that will build the project that is expected to generate 180 megawatts is composed of the Brazilian group Queiroz Galvao, the Brazilian state-owned Petrobras Company, Nicaraguan businessmen linked to the Production and Finance Banks and the Italian Company Astaldi. 25% of the funds will be approved by investors and the remaining 75% by the Development Bank of Brazil.
A proposal has been made to demand a definite time frame from the Brazilian consortium Eletrobras and Queiroz Galvao to start the construction of the hydroelectric dam Tumarín, which has been announced several times but has never materialized.
Presidential adviser Bayardo Arce told Laprensa.com.ni that it has been suggested to the government of Daniel Ortega that a deadline be set for the start of the work, seeing as the project should have started in July and to date, the consortium has only demanded additional compensation without giving details on the start of the project.
Although the cost per MW has not yet been defined, the government of Nicaragua has signed a construction contract with the Brazilian consortium and announced that work will begin in the first quarter of 2015.
After several failed attempts to start construction of the hydroelectric dam Tumarín, the government announced that it has reached an agreement with the consortium Eletrobras and Queiroz Galvao to start work in the first three months of 2015.
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.
Nicaragua and the concessionaire CHN have signed a concession agreement in which the Brazilian company promises to start construction in mid-2014.
The largest hydroelectric project in Nicaragua has so far read like a never ending story, as over the last few years a number of announcements have been made for the start of its construction, which until now has been hampered by lack of agreement on the tariffs that will be set by the Brazilian company for electricity sales.
The government has signed a loan agreement with South Korea for financing of the second phase of the National Sustainable Electrification and Renewable Energy Program.
Nicaraguan Government officials said the loan "will strengthen the transmission, among others, at the Tumarín hydroelectric project, run by the company Centrales Hidroeléctricas de Nicaragua (CHN), created by the Brazilian state Eletrobras and conglomerate Queiroz Galvao."
Italy's Salini Impregilo, Brazil's Odebrecht, the Chinese firm CHEC and Costa Rica's MECO are the four companies that participated in the field trip to see the route that line 3 will take.
From a statement issued by Metro de Panama:
With a visit to the site where the works of Line 3 of the Metro de Panama will be developed, today saw the start of the pre-selection process of companies eligible to participate in the Best Value Tender with separate evaluation for the construction of this mega project, which will benefit a large population of the province of Panama West.
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.
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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