World Bank's MIGA provides guarantee for 44-MW Nicaraguan wind project
Sep 14, 2012 - The World Bank Group's political risk insurance division The Multilateral Investment Guarantee Agency (MIGA) has provided a guarantee of USD 16.3 million (EUR 12.5m) for the 44-MW Eolo wind project in Nicaragua.
PRONicaragua, the official investment promotion agency of Nicaragua, unveiled MIGA's backing earlier this week, noting that this was the agency’s first time to insure a wind energy investment. The guarantee is for 20 years and covers an equity investment in the project by a local subsidiary of British power company Globeleq Generation.
The Eolo wind project, located in southwestern Nicaragua's province of Rivas, includes 22 units of 2-MW wind turbines by Spanish Gamesa (MCE:GAM). It is expected to generate 170 GWh a year. Privately-owned Distribuidora Electricidad de Sur SA and Distribuidora Electricidad de Norte SA, units of Spanish utility Gas Natural Fenosa (MCE:GAS), will buy the output under 20-year power purchase agreements (PPAs).