Andrade Gutierrez S.A. (Andrade Gutierrez) and the Nicaraguan government have signed an agreement for financial and technical studies to be conducted on the Brito hydroelectric project. This will help in the assessment of the investment and financing costs for a project. The project is expected to generate 250 megawatt of power. The company is prepared to invest $600 million in the project. Two dams will be constructed for the project. The dams will be built near the border with Costa Rica.

The project will use the waters of Lake Nicaragua to regulate the reservoirs and will be ready by 2014.

The contract also establishes that an updated study will be drawn up on the water resources of that region of southern Nicaragua and the project’s environmental impact.

The Nicaraguan government will have a 10% stake in the project.

This accord was signed by Nicaraguan Energy and Mines Minister Emilio Rappaccioli and Andrade Gutierrez Vice President Ronaldo Pereira.