The agreement establishes the general framework within which the partners Panama Central Electrica (PCE) and Generadora Hidroelectrica Santa Maria will work to advance the hydro project to the stage of a bankable feasibility study.

The partners will also work on updating the 1998 Environmental Impact Study which was previously approved by the Panamanian regulatory agencies in November 1998.

Upon obtaining a positive bankable feasibility study, the partners intend to commence construction in the fourth quarter of 2010 and ownership of the hydro project will be based on capital contribution.

In addition, the MoU also contemplates the subsequent development of additional hydro power projects in the central provinces of Panama with cumulative potential of up to 100MW.

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