By Terrence Murray | 08 December 2010, 11:24 BST
Minerco Resources, a developer of renewable energy projects in Latin America has secured a $5 million private equity investment from Centurion Private Equity, an affiliate of Alpharetta, Ga., Roswell Capital Partners.
Minerco will use the cash to launch development and construction of of the Chiligatoro Hydro-Electric project in Honduras and finance project acquisition, the company said.
Centurion has committed to purchase, subject to certain conditions and limitations set forth in the closing documents, including but not limited to the requirement for an effective registration statement and limitations based upon the trading volume of MINE’s common stock for cash consideration, up to an aggregate of $5 million.
“Roswell Capital Partners have been excellent to work with as we share many of the same goals when it comes to renewable energy. This agreement is expected to give us the ability to move forward on the initial phase of building of our Chiligatoro Hydro-Electric Project and for future potential acquisitions, which is something we both want to see happen,” Minerco CEO Scott Vanis, said in a prepared statement.
Source: Green Energy Reporter