The Orosí wind project, owned by Globeleq Mesoamerica Energy (GME), a subsidiary company of Globeleq Generation Limited and Mesoamerica Power, has secured USD 109 million in debt financing.
The project debt financing is provided by The Netherlands Development Finance Company (“FMO”)with USD 28 million, The Export-Import bank of the United States (“US EXIM”)with USD 61.1 million and Banco Internacional de Costa Rica (“BICSA”)with USD 20 million.
Orosí is located in the Guanacaste Province of Costa Rica, 40 kilometers from the city of Liberia. The project will install 25 x 2.0 MW Gamesa G87S wind turbines. The electricity will be sold under a 20-year PPA with the Costa Rican off-taker ICE. Orosí will also construct a new substation and interconnection lines to enable connection to the national grid.
“FMO is very pleased to support this important private investment in Costa Rica. Project sponsors Globeleq and Mesoamerica Power are true frontrunners in developing renewable energy projects in Central America and have built an impressive portfolio of renewable energy assets which has changed the energy matrix in these countries into a cleaner and more sustainable one,” added Mrs Linda Broekhuizen, CIO of FMO.
“Once completed, this project will further diversify the region’s power generation sources. We have already proven the economic and environmental benefits of using a local and renewable resource in the region” said Mikael Karlsson, Globeleq’s CEO, making reference to GME’s operating wind farms in Costa Rica, Nicaragua and Honduras, adding: “Globeleq is really excited to continue to build more wind power to stimulate and sustain growth and development by providing more affordable electricity.”
About FMO
FMO (the Netherlands Development Finance Company) is the Dutch development bank. FMO supports sustainable private sector growth in developing and emerging markets by investing in ambitious entrepreneurs. FMO believes a strong private sector leads to economic and social development, empowering people to employ their skills and improve their quality of life. FMO focuses on three sectors that have high development impact: financial institutions, energy, and agribusiness, food & water. With an investment portfolio of EUR 6.3 billion, FMO is one of the largest European bilateral private sector development banks.
About Globeleq
Globeleq is an experienced developer, owner and operator of independent power projects in the emerging markets, with a specific focus on Africa and the Americas. With more than US$1.3 billion in assets, the company develops economically sustainable businesses that support the continued development of the electric power sector in these regions. Since 2002, Globeleq has participated in nearly 14,000 megawatts (MW) of generation capacity in more than 25 countries. www.globeleq.com
About Mesoamerica Power
Mesoamerica Power is a Central American investment group focused on the development of renewable energy in the region. Mesoamerica Power is managed by Mesoamerica, the leading private equity mergers and acquisitions and strategic consulting firm in Central America and the Andean Region.
Press contact:
Paul Hartogsveld, FMO, Communications Officer (PR)
T: +31 70 314 9928
E: p.hartogsveld@fmo.nl
