The project will be located in the Department of Quiche and will rely on the natural water flow of the Cotzal river and its three tributaries. Total investment in the project will amount to Eur 185M.
"It is a source of great satisfaction to us to contribute to a project of this scale, which will enable Enel Green Power to develop even further in this area", said Massimo D'Aiuto, CEO of Simest. "We are completing our participation in the Guatemalan company, which, together with the public venture capital fund, will total 6%, with a financial commitment of Eur 10M.”
Simest. is a public-private holding company whose shareholders include leading Italian banks and business associations. Its mission is to promote the growth of Italian companies abroad. The renewables industry represents a significant portion of Simest’s activity and has been expanding recently. Last year, for example, the company implemented projects with major Italian companies involving more than Eur 720M euros in international investments, with a Simest commitment of more than Eur 34.5M, equal to about 22% of its current commitments.
"We are pleased to launch this important partnership with Simest, with whom we hope to continue working on future projects like Palo Viejo, which will help spur economic development while protecting the environment,” said Francesco Starace, Chairman of Enel Green Power. “The project we are about to implement confirms our capacity for growth in the renewables industry of Latin America, where we already have a strong presence, including other hydroelectric plants. Thanks to this new initiative, we will increase our existing "zero-emission" generation capacity in Guatemala by over 140%."
