Electric rates to rise again in Costa Rica, contrary to what Grupo ICE is trying to spin. Link to the article attached. http://www.centralamericadata.com/en/article/main/Cost_of_Electricity_in_Costa_Rica_It_Never_Rains_But_it_Pours?u=69e5c11fc2f13d839f5e7fd779455cc5&s=n&e=3&mid=%5BMESSAGEID%5D
We have made new advances on the proposed PPA in Costa Rica. Due to the governmental delays, we have spoken with other non-Grupo ICE providers and we may have some news. We are cautiously optimistic and will announce developments as soon as those are available. If we are successful, we may be able to lessen the waiting time we have been discussing these past few months. This development was possible to a change in General Manager position at one of the utilities. We wanted to let our shareholders know that we continue to actively working on this. We do not yet have a definitive timeframe for this development, but as soon as we do we will let you know.
On the renewable energy front, we have finally been able to meet with the off-taker. As reported there is an 18 month review process but this has been politically disastrous and the feedback is that this is being modified to much less time. We have been advised that we can expect a new RFP for the project and that this is likely in the next 6 months. We are hopeful that this new time frame, less than 18 months, is real and will continue to work on being ready. Our recent Ex-Im Letter of Interest for $36,000,000 (LOI), is part of being prepared for this possible opportunity. It does appear all of the factors we have mentioend- high electric rates, inability of the state owned entities to develop facilities cheaply and quickly, and the sheer need for industry (and households) go have reasonably price electricity, may finally be reaching a tipping point in the Company’s favor. Any progress on this will be immediately reported, we do not expect much until early 2015 as far as news but we are excited about the potential change of timing.
Colorado Springs, CO— (October 21, 2014) – Energia Renovable Versant (the “Company”) applied for and received its new Letter of Interest from the Export-Import Bank of the United States (“Ex-Im Bank” or “Ex-Im”). The Letter of Interest No. LI603967XX, is for the development of the Company’s proposed wind park in Costa Rica, where the US content is estimated to be $36,000,000.00. Based on these amounts, Ex-Im Bank’s estimated financing package would be $36,000,000.00.
“We began this new application some time ago, and are pleased to have received the new letter. Ex-Im Bank has a new, more detailed approach, for the application process that took longer than previous instances. Debt financing is an important component as we continue to pursue the wind park project and we are grateful for Ex-Im’s ongoing support. While the Costa Rican government is undertaking their internal analysis, which has in turn, placed all private projects on-hold, we want to ensure we have this critical component in place as we continue to pursue the matter. We are pleased to have the letter in place and wanted our shareholders to know,” said Jose P. Quiros, the Chief Executive Officer of STL Marketing Group, Inc.
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plan, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks described in statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by the cautionary statements that may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.