Jan 28 2011
Minerco Resources has inked a definitive agreement for purchase of Sayab Wind Project, a 100-MW wind power facility situated in San Marcos de Colon municipality in the Department of Choluteca in Honduras, from Energia Renovable Hondurenas.
Under the terms of the agreement, Minerco Resources will purchase 100% of the Sayab Wind Project and Energia Renovable Hondurenas will secure 1 million restricted stocks of Minerco in two installaments. Minerco is accountable for ongoing expenditures for sustained operations and final design of the project.
At its full capacity, the Sayab Wind Project is expected to have the probable capacity to generate $48 million revenues annually. However, the estimation is based on initial results and it is assumed that all assessments produce expected results. Thus, there can be no guarantee that the output will be as expected.
The Sayab Wind Project is now in the initial feasibility stage of development. The agreement permits Minerco to manage the feasibility, design and building phases of the project. The project has acquired the required land and is anticipated to commence construction in 2013.