La Fe San Martin Wind

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Blue Power & Energy S.A. was created to build, own and operate a 39.6 MW wind farm located in the Isthmus of Rivas in Nicaragua. The project company was a joint venture between Construcciones Lacayo Fiallos S.A. of Nicaragua, M & Block, S.A. of Panama, and Joaquin Cuadra Lacayo. The project was slated to sell power under a 15-year PPA with Disnorte and Dissur the distribution company controlled by the Spanish Firm Union Fenosa. The project cost was estimated at USD 110 million, with the project reaching financial close in August 2011, when the IAIC granted a US$ 50 million loan (of which, US$ 35 million corresponded to a syndicated loan). At the time of financial close, commissioning was expected for 2013 and Vestas Systems A.S. had been selected as the equipment supplier. In 2012, the Honduran Grupo Terra acquired Blue Power & Energy Operations commenced in March 2013. In October 2015, Blue Power & Energy was granted an additional US$ 73 million financing deal. The mandated lead arrangers on the refinancing were Banco de Bogota, Banco de America Central, Sociedad Anónima (BAC) and Banco Lafise Bancentro, S.A.