HOUSTON 5/15/12 (PennWell) -- Renewable energy developer Minerco Resources Inc., has announced that it will sell its 4-MW Iscan hydroelectric plant in Honduras.
HydroWorld.com has learned that Minerco acquired the hydropower facility in January 2011 from Energetica de Occidente S.A. de C.V. (Enercosa).
In exchange for full control of the then-uncompleted plant, Enercosa received 1 million shares of Minerco stock in two installments.
The Houston-based company says the project will have an estimated annual return of 30% with an initial capital expenditure of between $50,000-100,000.
Minerco president V. Scott Vanis says the company is selling the Iscan plant to concentrate more on the development of the 6-MW Chiligatoro hydropower plant.