World Energy Holdings & Research PLC
World Energy Holdings & Research PLC announces acquisition by its subsidiary World Energy Hydro Limited of four Central American Hydro Electric Power Plant Projects
World Energy Holdings & Research PLC / Key word(s): Miscellaneous World Energy Holdings & Research PLC announces acquisition by its subsidiary World Energy Hydro Limited of four Central American Hydro Electric Power Plant Projects. May 2011, Guatemala World Energy Holdings & Research PLC (‘WEHR’ or the ‘Company’) is pleased to announce that its wholly owned subsidiary World Energy Hydro Limited (‘WEH’) acquired on 10 May 2011 a 99.99% stake in each of World Energy El Islan, S.A., World Energy Sosi, S.A., World Energy Ixtaguacan, S.A., and World Energy Semuc, S.A. from World Energy Research Guatemala Hydro Pack 1 LP (‘Hydro Pack LP’). – Hidroeléctrica El Islán on the El Islán River in the Municipality of Cuilco, Department of Huehuetenango, Guatemala. – Hidroeléctrica Sosi on the Nahuatan River in the Municipality of Pajapita, Department of San Marcos, Guatemala. – Hidroeléctrica Ixtaguacan on the Las Cataratas River in the Municipality of Chajul, Department of Quiché, Guatemala. – Hidroeléctrica Semuc on the Samiljá River in the Municipality of Santa Catalina La Tinta, Department of Alta Verapaz, Guatemala. WEHR has estimated: – combined net profits from the first 10 power-generating years of the Hydro Pack projects of approximately US$100 million; – remaining combined total construction and other completion costs of approximately US$50 million; – an initial 10 year power purchase agreement for each project; and – a project life on each project of up to 50 years. The purchase price of US$50,205,000 payable by World Energy Hydro Limited was ultimately satisfied by the issue by WEHR to Hydro Pack LP of approximately 1 million ordinary shares and 9.78 million restricted ordinary shares. ‘The acquisition of these project interests significantly strengthens WEHR’s Hydro division. Working towards completion of these projects will be the Company’s primary focus in the coming months. ‘ says WEHR Chief Financial Officer Andy Somoza. About World Energy Holdings & Research PLC End of Corporate News 12.05.2011 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
124206 12.05.2011 |