Orosi Wind Power Project

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Globaleq Mesoamerica Energy, a subsidiary of Globeleq Mesoamerica Energy, in turn a partnership of Globeleq [United Kingdom, 70%] and the Costa-Rican company Mesoamerica Energy (30%), agreed to build and operate the Orosi Wind Power Project located at the municipality of Liberia, Guanacaste Province (50 MW in capacity). The sponsors signed a 20-year power purchase agreement with Instituto Costarricense de Electricidad (Costa Rica National grid authority). The sponsor created the special purpose company Inversiones Eólicas de Orosí Dos, S.A. (IEDO) to manage the project. The EPC contract was signed with the Spanish company Gamesa. Construction works commenced in 2014 and were expected to be completed by 2015. Investment was estimated at US$ 139.6 million. Financial closure was achieved in December 2013, when the sponsor was granted US$ 104.7 million loans from Export Import Bank, Nederlandse Financierings-Maatschappij Voor Ontwikkelingslanden (FMO), and Banco Internacional de Costa Rica(BICSA). The sponsors committed US$ 34.9 million in equity. The sponsors applied for carbon credits in June 2012.