The company has reached an agreement to sell 35% of the project for $4m payable upon the completion of the power purchase agreement (PPA) which is expected to be completed within 60 days.
EHII said it will continue to pursue and complete the development of the power project prior to actively pursuing its initial goal of acquiring oil and gas assets within North and South America, among other areas of interest.
EHII chairman and CEO John Adair said the local partner who purchased the interest agreed to complete the PPA and complete all developmental engineering necessary for the PPA and implementation agreement at no cost to EHII.
