ENEL has $127 million to Invest in El Salvador

An article in Laprensagrafica reports that the company Enel will invest $127 million in El Salvador next year as part of the original plan which was based on an agreement with shareholders that the Italian company would provide more capital, in exchange for just over 50% of the shares of the geothermal company LaGeo. This investment plan has been frozen since 2008 after ENEL began arbitration proceedings against ENEL Investment Energy (INE) and the Lempa River Hydroelectric Executive (CEL) because they wouldnt allow the funding.

Among the possible, nearest projects, are the exploration of geothermal fields in St. Vincent and Chinameca (San Miguel), and investment in Unit 4 in Berlin (Usulután). "In tangible terms, current projects are expansions of existing fields, improvement of plants and explorations of new areas for possible geothermal projects. Then there are others that are being discussed which can be taken into consideration," said Valerio Cecchi, president of Enel. "If it became necessary and if accepted by other partners, (we could fund) other forms of energy such asphotovoltaic, solar or wind, which might be of interest to LaGeo" he added.

Source: laprensagrafica.com

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