Nicaragua and the People's Republic of China, through the Ministry of Energy and Mines (MEM) and the Chinese State Company CCCC (China Communications and Construction Corporation), signed the Credit Facility Agreement for the "El Barro" Wind Project.

This important agreement was made effective by videoconference, from the capital of Nicaragua, Managua, in the Office of Comrade Laureano Ortega Murillo, Presidential Advisor for the Promotion of Investments, Trade and International Cooperation.

Salvador Mansell, Minister of the MEM, was also present; as well as Bruno Gallardo, Minister of Finance and Public Credit.

On behalf of the People's Republic of China, from Beijing, the signing of the agreement was led by the President of the Board of Directors of CCCC, Mr. Shi Yingtao; with the participation of an inter-institutional team from the Ministry of Finance and Public Credit, the Ministry of Energy and Mines, and the Nicaraguan Electricity Company of Nicaragua, which traveled to China to finalize the agreement.

Comrade Laureano reported that with this project, it is expected to establish an energy generation capacity of 55 megawatts, with a significant investment that will have financing from the sister Republic of China of more than 70 million dollars, which "will strengthen our capacities to meet the demand of our population and also the Regional demand for energy."

Thanks to the Chinese State Company CCCC
The Presidential Advisor for the Promotion of Investments, Trade and International Cooperation especially thanked the efforts made by the Chinese State Company CCCC for Nicaragua's access to Chinese financing for this project and others that are already underway.

"And we want to reaffirm today that we will continue working with CCCC to explore financing for new projects that will benefit the Nicaraguan people," he said.

Comrade Laureano mentioned that for that purpose "our delegation, the delegation of our Government, from the Ministry of Finance and Public Credit, from Enatrel and from Enel, are currently in China, working with you, with CCCC, to explore new opportunities, so that we can bring more development and well-being to Nicaragua."

He also expressed that with the Ministry of Finance and Public Credit, Bruno Gallardo, they have reviewed the current status of the projects they have underway, in order to work on "the steps we must take, the actions we must take, to complete the procedures that allow us to move forward successfully and, also, the new strategies, the new models that we can implement, to develop more projects."

Comrade Laureano reiterated to Mr. Shi Yingtao and to all those who make up the CCCC company that they have the support of the Government of Nicaragua "with our attention, our work and everything within our reach, so that our cooperation continues to advance and that we can bring more benefits to the Nicaraguan people, and that the CCCC company has an increasingly active participation in Nicaragua."

Mr. Shi Yingtao said that they are very pleased with the meeting, in which the Credit Facility Agreement for the "El Barro" Wind Project was signed.

"It is a very significant signing act, because it symbolizes the entry into a new stage of financing for our El Barro Project, which will lay a solid foundation for the landing of said project," he said.

He said that this project and others, which are already underway, will be possible thanks to the support of the Government of Nicaragua.

Project Details
Minister Salvador Mansell announced that the "El Barro" Wind Project will be carried out in San Nicolás, in the municipality of La Trinidad, department of Estelí, a high area where there are strong winds.

"These sites were previously studied by our Government, and we were able to find wind potential, just like the one we have in the southern part, where we have the rest of the wind projects, as well as 10 other sites that we have already studied," he indicated.

Mansell said that these studies were already carried out by the Chinese State Company CCCC, which "when making the assessments, also plans to install wind generator units, much larger than those we have installed in the southern part."

For his part, Bruno Gallardo, Minister of Finance and Public Credit, reported that the "El Barro" Wind Project has a cost of "85 million dollars; the financing of what has been signed today has the sum of 76.5 million and we will have a national counterpart of 8.5 million dollars."

Gallardo announced that, before beginning the execution of the project, pre-investment studies of the project will be carried out, as well as environmental impact studies, which is very essential and important for this type of project, as well as topographic and geotechnical studies of the impact that this project will have on the area.

"Today we are signing the financing contract, but from here on, a series of activities will be triggered in which the financial teams of the sister Republic of China and, on behalf of the Ministry of Finance in Nicaragua, will develop with Chinese banks, with insurance companies, so that in the shortest possible time the respective guarantees of all the components can be obtained," explained Minister Gallardo, regarding this project that will bring more development and prosperity, for the benefit of Nicaraguans.

Source: 19 Digital