神马文学网Brazilian group to build $600 mln dam in Nica...
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Brazilian group to build $600 mln dam in Nicaragua
Fri Jul 3, 2009 3:28am IST Email | Print |Share| Single Page[-] Text [+]MANAGUA, July 2 (Reuters) Brazilian engineering company Grupo Queiroz Galvao said on Thursday it would start building a $600 million hydroelectric dam in Nicaragua in partnership with Brazilian utility Eletrobras (ELET6.SA: Quote, Profile, Research) (EBR.N: Quote, Profile, Research) next year.
The 200 megawatt Tumarin power plant, located 240 kilometers southeast of the capital Managua, is expected to enter service in 2014 if construction begins as scheduled in the first quarter.
Nicaragua's Congress approved a law on Wednesday to develop the project and set aside $42 million to guarantee the start of work.
The Nicaraguan government is taking a 10-percent stake in the consortium that will build and operate the dam under a 30-year concession.
The project is currently seeking financing from multilateral lenders, Marcelo Conde, the chief executive of the joint venture, told reporters on Thursday.
The construction phase of the project is expected to create 3,000 direct jobs and the dam will save Nicaragua $80 million a year by reducing its dependence on imported fossil fuels. (Reporting by Ivan Castro; Editing by Christian Wiessner)