Russian international power developer Inter RAO UES and the government of Nicaragua have agreed jointly to develop hydropower and geothermal power projects in Nicaragua.
During a visit to Moscow by Nicaraguan President Daniel Ortega, the agreement was signed by Inter RAO Chairman Evgeniy Dod and Nicaragua Plenipotentiary Representative Ernesto Martinez Tiffer, on behalf of Nicaragua’s Ministry of Energy and Mines.
Inter RAO said December 22 that the agreement became effective upon signing and would remain in effect through December 2011, with a renewal option.
“The document confirms the interest of the parties in the development and implementation of hydro and geothermal power projects, as well as other projects in the power sector of Nicaragua,” Inter RAO said. “A list of focal areas has already been set forth in the agreement.”
Nicaraguan officials are to provide Inter RAO with technical documentation necessary to organize work on the projects. The parties have allocated six months for the preparatory stage.
Once power facilities are completed, their electricity is to be distributed in Nicaragua’s domestic market and exported elsewhere in Central America.