New Geothermal Well in El Salvador

LaGeo could exploit geothermal energy in a new well located in San Vicente, generating 30 to 40 megawatts.

Monday, May 27, 2013

The company LaGeo invested about $24 million in the exploration which led to the discovery of the new geothermal source.

As outlined in an article in Eleconomista.net, the Executive Hydroelectric Commission of the Lempa River (CEL), a partner in the LA GEO which belongs to the Italian company Enel, states that "a possible plant could generate more than $37 million in annual revenues for the company."

Leopoldo Samour, president of CEL, said that exploration required an investment of $24 million."We found the resource that we have been pursuing for several years. It had been said that LaGeo was stalled on its investments here, but today we found a geothermal field and it will be the third geothermal field in El Salvador in San Vicente" said Samour.



More on this topic

El Salvador Seeks Financing for Geothermal Energy

September 2016

Through the company LaGeo the government has announced that $250 million is needed to start exploration in new areas and to change a geothermal turbine plant in Berlin.

Authorities at the HEPP Executive Commission of the Lempa River (CEL Group) explained that they have made closer ties with institutions such as the World Bank and the CABEI in order to negotiate possible financing. 

Funes Denounces Abnormalities in ENEL Contract

January 2013

The President of El Salvador has expressed suspicions that the original contract with the Italian company was changed "in the dark" by government officials.


The president referred to the subject in his radio program last Saturday, saying, "I've asked a group of lawyers to study the documents surrounding all investments with the Italian shareholders and it will be these specialists who might be able to shed a light on this illegal act, including even asking the Attorney General's Office to establish whether criminal liability be established in the future. "

LaGeo Litigation Continues

January 2013

After the last judgment which was unfavorable to El Salvador, officials have announced the continuation of the legal battle against Enel.

Representatives from the Executive Hydroelectric Commission of the Lempa River (CEL) reported that they will abide by the decision of the Parisian Court of Appeals which means that the Italian company ENEL can capitalize the geothermal company LaGeo and become the majority shareholder in the company.

Dispute Over Geothermal La Geo Heats Up Again

March 2012

Two Salvadoran government agencies are insisting on not giving the majority shares in the La Geo generator to Italy's Enel, despite a court of international arbitration ruling against them.

Inversiones Energéticas (INE) and Comisión Ejecutiva Hidroeléctrica del Río Lempa (CEL) have again refused to give the Italian company Enel Green Power a majority stake in the geothermal company La Geo, despite a ruling by an international body against them.

 close (x)

Receive more news about Energy

Suscribe FOR FREE to CentralAmericaDATA EXPRESS.
The most important news of Central America, every day.

Type in your e-mail address:

* Al suscribirse, estará aceptando los terminos y condiciones


Frozen food plant for sale

Turn-Key Fruit and Vegetable Frozen Food Plant for sale.
Turn-Key Fruit and Vegetable Frozen Food Plant for sale...

Stock Indexes

(Apr 6)
Dow Jones
-5.60%
S&P 500
-5.10%
Nasdaq
-5.64%

Commodities

(Oct 29)
Brent Crude Oil
38.24
Coffee "C"
106.25
Gold
1,873
Silver
23.295