USA’s Hydro Alternative Energy Inc. (HAE) is to collaborate with Colombia’s Generamos Energia (GESA) in the development of hydro, as well as potentially other power projects in this South American country.
Both firms signed a memorandum of understanding (MOU) that includes cooperation in the construction, operation and selling of the electric power output in the Colombian market, according to a statement by HAE.
In the MOU, the companies will jointly develop one or more run-of-the-river hydroelectric power plants.
Hydroelectric power generation is one of Colombia’s main power development sources, comprising more than 65 per cent of the total installed capacity, and more importantly is growing.
In its statement, HAE commended the Colombian government for creating a “transparent and well-regulated energy market, with solid private investor legislation for both domestic and foreign investors”.
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