The 105 MW hydroelectric project which the Honduran government promised five years ago has still can not materialized due to lack of funding.
Although in November the government announced that it had signed a $297 million loan with the government of China , the funds have not yet materialized and the estimated project reactivation date is unknown. According announcements made by authorities previously, they are still evaluating the possibility of advancing the project through a public-private partnership.
Despite the announcement made in november of a $297 million loan from China, the resources have not yet been disbursed and the project for the 105 MW plant in Honduras remains paralyzed.
The work has been paralyzed since 2013 due to problems with funding and expropriation of the surrounding land. However, during 2014 a loan was negotiated with the Republic of China which was approved in November but funds have not yet been disbursed and the work remains unfinished.
The Honduran government has announced that China has approved a $297 million loan, after a year of negotiations, which will be used to finish work which has been on hold since June 2014.
The loan term is 15 years plus a 5 year grace period, with an interest rate of 4.5% and it is expected that the first disbursement will be made in the next 30-60 days.
Work has stopped on the Patuca III hydroelectric project pending funding which is being negotiated with the Chinese government for the continuation of the second stage.
Lack of funding and problems with the expropriation of land surrounding the project are part of the problems that this project has faced since it was first conceptualized in 2010. Now Empresa Nacional de Energía Eléctrica has stopped work while a new construction loan is being negotiated with the Chinese government, which would allow, although the amount has not been mentioned, for the "... continuation of the construction of the curtain wall and installation of generation turbines in the machine room."
On September 24, a Honduran delegation will travel to China to finalize the signing of the $295 million loan that will enable the realization of the hydroelectric project.
"The loan, including all expenses, will have an interest rate of 5.44% over 15 years with a three year grace period.
The plant is planned to be built in the eastern region of Honduras, and will have capacity to generate up to 524 megawatts of clean energy with a total price of $1.2 billion.
Honduras is negotiating with the Industrial Bank of China for financing the first stage of Patuca III hydroelectric dam.
"We are happy because we are moving pretty fast in negotiating the terms of the loan, we are looking for the most favorable conditions for the country, we hope that in 30 days we will have closed deal," said Wilfredo Cerrato, chief of the Ministry of Finance.
The project, which was initially promoted by the Taiwanese State Power Company , was canceled in 2009, and now $300 million is being sought in China for its implementation.
Wilfredo Cerrato, Minister of the Ministry of Surety (SEFIN) and Foreign Minister Arturo Corrales, are touring mainland China in order to complete the process of negotiations for the financial support of about $300 million with which the project Patook III would be carried out.
In the face of complaints about stalled works on the hydroelectric project, the National Electricity Company in Honduras has announced the first tests for October 2013.
Complaints are being made about the slowness of the proceedings in various branches of government which are stalling the project to build Hondura's Patuca III hydroelectric plant.
Deputy Francisco Rivera, chairman of the Budget Legislative Commission, reported the situation to Congress, noting that the institutions involved will be investigated in order to determine the causes.
The funding of $300 million for the construction of the Patuca III hydroelectric project has been approved by the bank Eximbank.
Financial Secretary, William Chong Wong said that negotiations of both the technical and political details with China have reached the final phase, which has led to the approval of funding by the bank.
The first phase of the Hydro Power Plant is picking up steam after the signing of an agreement between Honduras and China.
After three months of negotiations, the governments of both countries agreed the construction of the first phase of the hydro plant, located 220km east of the capital city Tegucigalpa.
Congress passed a law permitting construction of hydroelectric plant Patuca I, II and III and Los Llanitos and Jicatuyo.
With the approval by the Special Regulatory Estate Acquisition Law it was declared of public interest and national need the construction and operation of the renewable energy projects mentioned.
O4Bi is a system that allows to control and manage what a company needs: the complete process of development of works, accounts receivable, treasury, banks, sales and accounting.
O4Bi is a very robust system that allows to control and...
Recognized Brazilian company of backhoe loaders, telescopic, articulated and other types of cranes looking for companies interested in representing the brand and distributing their machinery in Central America and Mexico. The company manufactures and sells telescopic,...
Real Estate Development & Adventure Park Jacó, Costa Rica. Multiple Investment Opportunities Available. The Ocean Ranch eco-residential development is located...
español
2228