On September 29, 2005 the FIDEICOMISO MERCANTIL PROYECTO EÓLICO SAN CRISTÓBAL, the San Cristóbal Wind Project Commercial Trust, was established in Ecuador by e8 member companies for the purpose of constructing and building a wind energy project on San Cristobal Island, Galapagos for the introduction of renewable energy. The Commercial Trust also has as a goal to support other sustainable development activities on San Cristobal related to the electric sector.
The e8 member companies have provided their funding to the Commercial Trust on a donation basis and have provided management and technical expertise on a pro bono basis to support the development and execution of the wind project.
Elecgalapagos S.A., the local electric utility has been invited in partnership to join the Commercial Trust. Elecgalapagos has supported the many activities during the development phase of the project. Elecgalapagos will be trained in the operation and maintenance of the Wind Project and will be the ultimate Beneficiary. The Elecgalapagos Board and Shareholders have voted to join and participate in the Commercial Trust, with final legal approval by the Ecuadorian Government pending.
A Corporation named EOLICA SAN CRISTÓBAL S.A. EOLICSA has been established in Ecuador to own and operate the Wind Project. The EOLICSA is100% owned by the Commercial Trust. At the conclusion of the Commercial Trust, these shares will be transferred to Elecgalapagos. The EOLICSA holds the generating permit, environmental license, and land easement for the Wind Project.
The UNDP and the Government of Ecuador have signed a Project Document in which the FIDEICOMISO MERCANTIL PROYECTO EÓLICO SAN CRISTÓBAL has been be designated as "Implementing Agency" and that would have as its purpose the execution of the Project.
Fondos Pichincha (Ecuador) is acting as Trustee on behalf of the Commercial Trust. Industry and Energy Associates (USA) is acting as Project Director.