Eolico Amayo Wind Farm

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On September 5, 2007 the consortium Consorcio Eolico Amayo and Nicaragua's energy and mines ministry signed an agreement to authorize the development of a 40MW wind power generation project in Rivas department. The wind farm was to save Nicaragua some 217,000b/y of bunker fuel. Consorcio Eolico Amayo SA (CEA) was formed as a special purpose vehicle comprised of Arctas (45% United States), Centrans (45%, Guatemala) and ENISA (10%, Nicaragua). In February 2007, Consorcio Eolico Amayo SA signed a power purchase agreement with Union Fenosa SA (Spain), who controlled distribution in Nicaragua to sell the electricity output. Bidding information on the project was not publically available. The total cost of the project was estimated at US $95 million of which 70% was to be financed through debt and 30% was to be financed through equity. In October 2007, the Banco Centroamericano de Integracion Economica (BCIE) approved a line of credit to Consorcio Eolico Amayo SA US $71.2 million dollars. The wind farm was expected to become operational in 2009. In May 2010, Arctas Capital sold 47.5% of the project to Ashmore Energy International [USA] bringing AEI's stake in each phase to 61.3%. Centrans Energy Services [Guatemala], Inc and Energia Eolica de Nicaragua S.A. [Nicaragua] owned the remainder of the project's equity. In March 2014, Inkia Energy, a subsidiary of the Israeli company IC Power (Israel Corp.), acquired AEI's stake in the project.