Viaspace has partnered with its Nicaraguan partners to form a new company - Energia Reino Verde - in Nicaragua to own and operate a 12MW power plant, which will be fueled by the co-located 2,100 acre Giant King Grass plantation.
Around 70% of the project cost will be covered by debt, while the remaining 30% will be covered by equity.
The plant is expected to generate 84,000,000KWh of clean electricity, which will be used to power the national grid, as well as to sell to private customers.
Viaspace CEO Carl Kukkonen said that the Nicaragua project is the company’s flagship.
"Viaspace is playing the role of project co-developer as well as supplier of Giant King Grass. Many potential customers are following this project closely. Viaspace’s strategic goal is to assemble an engineering, construction and financing team that we can work with on this project and many others in the future," added Kukkonen.