AEI buys controlling stake in Nicaraguan wind farm

CEO: "AEI is excited to be adding our first renewable energy project to our portfolio of consolidate

AEI has acquired a 47.5 per cent interest in the Amayo I and Amayo II wind projects from Arctas Capital Group, in addition to the acquisition of a 47.5 per cent interest in the Amayo II project from Centrans Energy Services Holdings.

AEI, together with its long-standing partner Centrans, now controls 95 per cent of Amayo I and Amayo II, with local partner Energia Eolica de Nicaragua owning the remaining 5 per cent of each project.

Jim Hughes, CEO of AEI, said: "AEI is excited to be adding our first renewable energy project to our portfolio of consolidated power generation assets. This project adds competitively priced and much needed electricity to the local power grid, and also serves to complement our existing thermal power generation assets in Nicaragua."

The Amayo I wind farm currently operates 19 Suzlon S88-50HZ 2.1MW wind turbines, producing a total of 39.9MW of electricity. The Amayo II project is currently producing power and has been commercially operational since May 1, 2010.

The Amayo II project adds 11 more of the same Suzlon turbines to produce an additional 23.1MW of power, resulting in total output of 63MW of installed capacity. The wind farm is located in Rivas, in a prime wind location with access to transmission lines along the southwest Pacific coast of Nicaragua.

The Amayo I and Amayo II output is fully contracted under long term 15 year PPA's with the local power distribution companies Dissur and Disnorte.