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Together with Hidropesac, a joint venture between Malaga Inc. (TSX:MLG,OTCQX:MLGAF) and its Swiss partners, Emerging Power Developers and Stucky S.A., the company announced that a new hydroelectric power plant will be built on Malaga’s Pasto Bueno property in Peru.
Together with Hidropesac, a joint venture between Malaga Inc. (TSX:MLG,OTCQX:MLGAF) and its Swiss partners, Emerging Power Developers and Stucky S.A., the company announced that a new hydroelectric power plant will be built on Malaga’s Pasto Bueno property in Peru. Contstruction permits are expected by the end of 2012.
As quoted in the press release:
The decision to build a new power source was based on Hidropesac’s updated feasibility study on the construction of a hydroelectric power plant using the water resources of the Pelagatos and Plata rivers. Hidropesac has a temporary concession permit and is presently updating the environmental assessment and archeological artefacts study. When those studies are finished, it will then complete the generation and transmission technical specification, a feasibility study for the electromechanical equipment, engineering for the civil and electromechanical works, and engineering for the substations and transmission line in order to obtain the permanent concession.
Malaga expects to obtain final approval early in the fourth quarter of 2012, which would allow building to begin the following quarter. Construction is expected to take 18 to 24 months, followed by a six-month commissioning period.
Malaga President and Chief Executive Officer Pierre Monet, said:
“Given the access to the large rivers on the property, we are now planning an expansion that would enable us not only to meet our long-term power requirements, estimated at 3-4 MW, but also sell surplus power to private users or the Peruvian national power grid.”
Click here to read theMalaga Inc. (TSX:MLG) press release
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