Plantanares Geothermal Power Plant

active

The American firm Ormat Technologies Inc. announced the development of the Platanares geothermal, located in la Union, Departamento de Copan (35 MW in capacity). The sponsor signed a 30-year power purchase agreement with the state-owned electricity distribution company ENEE and created the special purpose company Empresa Geotermica Platanares S.A. de C.V. to lead the project. A 50-year license was granted by the regulatory agency to Empresa Geotérmica Platanares S.A. de C.V. in 2012. The investment was estimated at US$ 180 million. Financial closure was achieved in September 2016, when the sponsor was granted US$ 135 million loan from Overseas Private Investment Corporation (OPIC). The remaining capital expenditures were set to be financed with equity. The construction of the power plant commenced in January 2016, and commercial operations were scheduled to begin by the end of 2017.