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Viewing cable 08MANAGUA325, NICARAGUA: IRANIANS SHOW THE MONEY FOR

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Reference ID Created Released Classification Origin
08MANAGUA325 2008-03-17 21:53 2011-06-23 08:00 CONFIDENTIAL Embassy Managua
VZCZCXYZ0005
RR RUEHWEB

DE RUEHMU #0325/01 0772153
ZNY CCCCC ZZH
R 172153Z MAR 08
FM AMEMBASSY MANAGUA
TO RUEHC/SECSTATE WASHDC 2277
INFO RUEHZA/WHA CENTRAL AMERICAN COLLECTIVE
RHEHNSC/NSC WASHINGTON DC
RUCPDOC/DEPT OF COMMERCE WASHINGTON DC
RHEBAAA/DEPT OF ENERGY WASHINGTON DC
RUEATRS/DEPT OF TREASURY WASHINGTON DC
C O N F I D E N T I A L MANAGUA 000325 
 
SIPDIS 
 
SIPDIS 
 
STATE FOR WHA/CEN, WHA/EPSC, NEA/IR 
 
E.O. 12958: DECL: 03/16/2018 
TAGS: EINV EFIN ENRG NU IR
SUBJECT: NICARAGUA: IRANIANS SHOW THE MONEY FOR 
HYDROELECTRIC PROJECT AT BOBOKE 
 
REF: A. 2007 STATE 21770 
     B. 2007 STATE 37801 
     C. 2007 MANAGUA 0177 
     D. 2007 MANAGUA 1987 
 
Classified By: CLASSIFIED BY AMBASSADOR PAUL A. TRIVELLI: Reason: E.O. 
12958 1.4 (d) 
 
1. (C) Summary: Late on March 11, 2008, a major Nicaraguan 
daily reported that the Iranian Council of Ministers had 
approved a 150 million euro loan to fund a Nicaraguan 
hydroelectric project at Boboke in the North Atlantic 
Autonomous Region (RAAN).  After the story broke, Rappaccioli 
took pains to explain to a news reporter on camera that the 
Iranian loan was not to the Government of Nicaragua, but 
rather to an unspecified Iranian company that would invest in 
the hydroelectric plant.  Construction would start in 
November 2008 and the plant would come on-line in 2011.  News 
reports out of Iran identified the Export Development Bank of 
Iran as the issuer of a 10-year project loan carrying an 
implied interest rate of 5%.  Sources tell us that ENATREL, 
the state-owned transmission company, would be the Nicaraguan 
entity that would purchase the power from Boboke.  After ten 
years, the project would be transferred to the state.  End 
Summary. 
 
2. (SBU) Late the evening of March 11, 2008, major Nicaraguan 
daily El Nuevo Diario reported that Islamic Republic News 
Agency (www.irna.ir) carried a story (we believe from SEDA-YE 
EDALAT, or the Voice of Justice) that the Iranian Council of 
Ministers had approved a 150 million euro loan to fund a 
Nicaraguan 70 MW hydroelectric project at Boboke.  The report 
stirred interest because such a loan to the Government of 
Nicaragua would require National Assembly approval, as would 
the development of a private hydroelectric project larger 
than 30 MW require.  Boboke is located in the Matagalpa 
basin, north of Lake Apanas, itself created by the 
construction of Nicaragua's largest dam (100MW).  This is the 
same general area eyed by another long gestating 
hydroelectric project (600MW), called COPALAR, which 
reportedly would require a billion dollar investment. 
 
3. (SBU) After the story about the Boboke loan broke, a local 
24-hour television news station reporter managed to corner 
Minister of Energy and Mines Emilio Rappaccioli as he was 
departing the National Assembly.  On camera, Rappaccioli took 
pains to explain that the Iranian loan was not to the 
Government of Nicaragua, but rather to an unspecified Iranian 
company that would invest in the hydroelectric plant. 
Rappaccioli assured the reporter that the Iranian loan would 
cover everything, i.e., the purchase of land, resettlement of 
inhabitants to "better living conditions," engineering 
studies and designs, as well as construction of and capital 
equipment for the dam and associated electrical works. 
Reportedly, an existing feasibility study for Boboke prices 
the hydroelectric project at about half the value of the 
Iranian loan, but may not take into account all of the costs 
associated with the project.  Rappaccioli told the reporter 
that ground breaking is planned for November 2008, but that 
the plant would not come on-line until 2011. 
 
4. (SBU) Also on March 11, Mehr News Agency 
(www.mehrnews.com) reported that the Iranian Ministry of 
Economic Affairs and Finance had announced that the Export 
Development Bank of Iran would administer a 10-year project 
loan to Nicaragua in the amount of 150 million euros.  The 
loan will be repaid in 22 installments during a 10-year 
period, incorporating an implied interest rate of 5%.  (Note: 
The Export Development Bank is not listed as one of the 
Iranian institutions suspected of facilitating terrorism 
finance under UNSCRs 1747 or 1803 (Refs A, B).) 
 
5. (C) On March 12, participants in an internal meeting on 
debt at the Ministry of Finance and Public Credit queried 
whether the Government of Nicaragua would be the debtor or a 
guarantor of a new debt to Iran.  The Director for Debt 
confirmed what Rappaccioli had told the media the night 
before, i.e., the Iranian loan would go to an unspecified 
Iranian company, not to the Government of Nicaragua.  The 
Director added that the project would be managed as a 
Build-Operate-Transfer project over a 10-year period.  Power 
produced would be purchased by the National Corporation for 
Electrical Transmission (ENATREL, formerly known as ENTRESA). 
 
6. (SBU) Our understanding is that Nicaraguan law allows only 
three entities to legally purchase power for resale: ENATREL 
as the operator of the national grid, and distributors 
DISNORTE and DISSUR, both under concession to the same 
Spanish company, Union Fenosa.  ENATREL may resell power to 
the either of the two distributors, or to large users. 
Unlike the distributors, ENATREL is state-owned and under the 
direct political control of the government.  Minister of 
Energy and Mines (Emilio Rappaccioli) is Chairman of 
ENATREL's three-person Board of Directors.  The other two 
Directors are the Minister of Finance and Public Credit 
(Alberto Guevara) and the Minister of Trade, Industry, and 
Development (Orlando Solorzano). 
 
7. (SBU) Iranian involvement in the Boboke project is a 
result of cooperation agreements signed by President Mahmoud 
Ahmadinejad and President Daniel Ortega the week of Ortega's 
inauguration in January 2007 (Ref C).  Boboke was one of six 
hydroelectric projects that the government was promoting.  In 
June 2007, Ortega visited Ahmadinejad in Teheran.  A 
high-level Iranian technical delegation visited Nicaragua 
July 31 ) August 4 which included the following individuals 
(Ref D): 
 
-- Mohsen Bakhtiar 
   Director General for Economic Studies 
     and Export Promotion 
   Ministry of Energy 
   (Water and Electricity Sectors) 
 
-- Masoud Hojjat 
   Managing Director 
   Iranian Power Network Administration 
   (Electricity Projects) 
 
-- Ahmad Shakoori Rad 
   Managing Director 
   Ghods Niroo* 
   (Electricity Projects) 
 
-- Reza Gholami 
   Assistant Manager for the Karun Dam Project 
   FARAB Corporation 
   Construction of Dams and Hydroelectric Dams 
 
-- Reza Ebad Zadeh 
   Managing Director 
   Corporation Sunir 
       (Water and Electricity Sectors) 
 
*Ghods Niroo is listed as an engineering consulting company. 
We note that both Ghods and Niroo are words commonly 
associated with in the formal name of the Qods Force, a 
component of the Iranian Revolutionary Guards Corps. 
TRIVELLI