Jan 18 2011
Minerco Resources (MINE) has proclaimed that it has signed a Definitive Agreement for acquiring the 4 MW Iscan Hydroelectric Project located in the Guata Municipality in Honduras in the Department of Olancho from a company called Energetica de Occidente S.A. de C.V. (Enercosa).
As per the agreement, the company would acquire the complete 4 MW Iscan Project. 1 million restricted shares in MINE would be given to Enercosa in two installments. Once this project is operational it is expected to bring in $2.4 million annually with a 21% internal rate of return based on the tentative preliminary studies.
Sam J. Messina III, CFO of Minerco, revealed that the company was thrilled to acquire the Iscan Project, which would provide Minerco with long term revenue during the ensuing years. Feasibility studies are going on for this project and the construction work is expected to begin by 2012.
V. Scott Vanis, CEO and President of Minerco, commented that the company was building up a portfolio of renewable energy projects in the Central American region and that the Iscan Project blends in perfectly with the company’s green vision.