TIERRAS MORENAS, COSTA RICA

In August of 1998, Horizon Wind Energy, in partnership with Boston-based Energia Global, acquired the development rights to the Tierras Morenas wind farm, a 24 MW project located near Lake Arenal in the Guanacaste province of Costa Rica. Energia Global and Horizon Wind Energy provided the equity capital for the project and organized a consortium of five Central American banks and the Central American Bank for Economic Integration to provide debt financing. Horizon and Energia Global co-owned the project until the summer of 2005, when Horizon sold our 50% ownership stake to Energia Global.

The government of Denmark provided substantial support to Tierras Morenas through DANIDA (Danish International Development Agency). The wind farm features 32 NEG Micon 750 kW model turbines. Constructed during the first half of 1999, Tierras Morenas began to sell electricity in July of the same year. Tierras Morenas, one of the largest wind energy plants in Latin America, is one of the world's truly outstanding wind resources. Electricity from the project is sold to the Costa Rican state-owned utility ICE under a long-term power purchase agreement.