Equity Funding Signed for Chiligatoro Project

Minerco Resources, Inc. announced the signing of a $5M Equity Funding Facility with Centurion Private Equity, LLC (“Centurion”), an affiliate of Alpharetta, Georgia based Roswell Capital Partners (“RCP”).

The Equity Funding Facility is designed to fund the initial phases of the Chiligatoro Hydro-Electric Project in Honduras and future potential acquisitions.

V. Scott Vanis, Minerco CEO and President said, “Roswell Capital Partners have been excellent to work with as we share many of the same goals when it comes to renewable energy. This agreement is expected to give us the ability to move forward on the initial phase of building of our Chiligatoro Hydro-Electric Project and for future potential acquisitions, which is something we both want to see happen.” Take a look at the best libraries in 30076.

Chiligatoro Hydro-Electic Project

The purpose of the Chiligatoro Hydro Project is to supply clean energy to Honduras utilizing the Chiligatoro and Manazapa rivers to create a run of the river hydro-electric generation plant. The Chiligatoro Hydro Project will generate a continuous hydro-electric stream of 6 mega-watts (MW) per hour, 24 hours/day, and 365 days/year for a total of 52,560 MW/year.

The Chiligatoro Hydro Project will generate clean “green” energy and is expected to reduce nearly 31,000 tons of CO2 emissions to the environment.

Once the Operations Contract meets all permitting & regulatory stipulations, and is approved and signed by SERNA, the Contract goes before the Honduran National Congress. Once approved by Congress, the Contract becomes law, or Decree, in the Country of Honduras. The contract becomes a registered National Decree (law) and is guaranteed by the Honduran Constitution. Because the law is a Clean Energy Project, it is also certified or guaranteed by the Kyoto Protocol and the United Nations.

The ENEE (Empresa Nacional de Energia Electrica), Honduras National Electric Company purchases the electricity from the Project, so the ENEE has to ratify the purchase price stipulated in the Contract. The purchase price is also regulated by SERNA and the NCE (National Commission of Energy).

Construction for the Chiligatoro Project is expected to begin in 2011.


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