HAE, GESA sign agreement for Colombian hydropower project development

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North American power company Hydro Alternative Energy, Inc., and South America's Generamos Energia SA ESP have signed a memorandum of understanding to develop hydrokinetic power projects in Colombia.

The agreement announces HAE and GESA's intent to partner "for purposes of providing the country of Colombia with additional electrical power generation capacity by developing one or more run-of-the-river hydroelectric power plants and/or utilizing other power generation technologies to fulfill such electrical power generation needs, and the activities, roles, and responsibilities."

The development will help Colombia continue to meet its energy production goals, the companies said, adding additional capacity where more than 65% of the country's energy is already generated by hydroelectric power sources.

"This MOU evidences HAE's efforts to expand our role in the hydroelectric power generation industry while keeping true to our mission: to become a leading worldwide independent power provider focused on utilizing hydrokinetic and other power development sources to generate electric power worldwide, cost-effectively, reliable and profitable, with minimal to no ecological impact," HAE CEO Mark Antonucci said.

Projects developed under the memorandum will likely use HAE's "Oceanus" technology, which was selected for use in a 1 MW array in South Africa in May 2012.

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