The agreement provides for the company to buy the entire 6MW Chiligatoro Project, located in the Municipality of Intibuca, in the Department of Intibuca in Honduras from Rota Inversiones, a company formed and operated under the laws of Honduras.
Minerco will provide funding for the construction and development of the project, which the company anticipates will begin in the latter part of 2010. The company will retain full control for the life of the project.
The Chiligatoro Project is currently in the feasibility stage of development allowing Minerco to participate in the design and construction of the project. The feasibility study has been completed and submitted to the Secretaria de Recursos Naturales y Ambiente (SERNA), Honduras’s Natural Resources as well as the Environmental Ministry.
The feasibility study was approved by SERNA in January, 2010, and has been submitted for approval by the National Energy Commission of Honduras. The commission’s approval of the project and ensuing contract is pending. The Environmental Impact Study has also been submitted to SERNA for approval which the company expects to receive in the near future.
V Scott Vanis, president and CEO of Minerco Resources, said: “We are excited to enter into this definitive agreement to acquire the Chiligatoro Project in Honduras. Honduras represents an excellent environment to develop small to mid-range clean energy projects. The project, once approved, will provide Minerco with a substantial, long-term revenue base for years to come.”
