VIASPACE And AGRICORP Sign Joint Development Agreement For 12 MW Power Plant Co-located With 2,100 Acre Giant King Grass Plantation In Nicaragua
WALNUT, Calif., May 21, 2013 /PRNewswire/ -- VIASPACE Inc. (OTCQB: VSPC) today announced that CEO Dr. Carl Kukkonen has returned from Nicaragua after a series of business meetings that culminated in the signing of a Joint Development Agreement with Grain Hill/AGRICORP. Under the agreement, a new special purpose company will be established to develop, build, own and operate a 2,100 acre Giant King™ Grass plantation and a co-located 12 MW biomass power plant on the AGRICORP Agricola Miramontes plantation on the shores of Lake Nicaragua. The Joint Development Agreement was signed by Dr. Kukkonen and Grain Hill/AGRICORP CEO and Board President, Amilcar Ybarra-Rojas.
VIASPACE and AGRICORP will be equal shareholders in the new company and lead the development of the plantation and power plant project. Debt and equity financing for the power plant project will be solicited. A brief description of the project and an overview of Grain Hill/AGRICORP are available on the VIASPACE website www.VIASPACE.com.
Project development has already begun. Dr. Kukkonen and AGRICORP personnel met recently with government officials and private companies in Nicaragua. Project development includes obtaining all necessary governmental approvals and licenses, long-term power purchase agreements, debt and equity financing, and a contract with an Engineering Procurement and Construction (EPC) company to build the power plant.
VIASPACE and AGRICORP have already accomplished the following milestones:
- Giant King Grass was imported from the US and is registered in Nicaragua.
- Giant King Grass is growing at the AGRICORP plantation.
- The AGRICORP plantation has the irrigation and infrastructure for Giant King Grass.
- The preliminary financial model for the Giant King Grass plantation and power plant is in place.
- The sophisticated power plant technology for Giant King Grass has been identified.
- Rice husk and rice straw from the AGRICORP plantation and mill are available as backup and supplementary fuel.
- Major elements of the feasibility study are in place.
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