Eolico Amayo Wind Farm (Phase II)

Active

In November 2010, Consorcio Eolico Amayo (Fase II) SA closed finacing for the 23.1 MW second phase of a wind farm in the Rivas department of Nicaragua. Amayo II consisted of eleven 2.1 MW Suzlon S88 50HZ wind turbines and had an installed capacity of 23.1 MW; it was the second phase of Eolico Amayo, a 39.9MW wind farm owned by the same shareholders under a different project company. The original developer of the project was Arctas Capital, which sold 47.5% of the project to Ashmore Energy International in May 2010, bringing AEI's stake in each phase to 61.3%. Centrans and local investors owned the remainder of the project's equity. The project company entered into two 15-year PPAs with Dissur and Disnorte, private power companies owned by Gas Natural, for 100% of the energy generated. The total cost of the project was USD 55 million, including a USD 45 million project financing facility. The facility consisted of a $42 million Senior Loan and a $3 million Mezzanine Loan. Senior Loan participants include CABEI, FMO, the Danish Export Credit Agency (EKF) and the Belgian Investment Company for Developing Countries (BIO). The Mezzanine Loan was provided by the Access to Energy Fund, which FMO manages on behalf of the Dutch government (Ministry of Foreign Affairs, Directorate General International Cooperation). The project was scheduled to begin operations in 2011 and had applied for accreditation through the CDM mechanism. In March 2014, Inkia Energy, a subsidiary of the Israeli company IC Power (Israel Corp.), acquired AEI's stake in the project.