VIASPACE Inc. announced that VIASPACE and its Nicaraguan partners are forming a company in Nicaragua to own and operate the Giant King Grass plantation and co-located 12 MW power plant. The company is named "Energia Reino Verde" or in English "Green Kingdom Energy". VIASPACE and Nicaraguan partner AGRICORP have signed a project development agreement.

The 12 MW biomass power plant will be fueled by a 2,100 acre Giant King Grass plantation that is co-located with the Miramontes rice plantation which is located on and irrigated from Lake Nicaragua. Giant King Grass has been growing well there since 2012. Rice husks from the Miramontes rice mill will be a secondary fuel providing about 5% of the overall fuel requirement.

The project will generate 84,000,000 kWh of saleable electricity which will be transmitted on the national grid and sold both to the grid and to private customers. The project lifetime is 25 years. Meetings have been held with both debt and equity financiers.

It is expected that 70% of the project cost will be covered by debt and 30% by equity. The prefeasibility study has been completed and the formal feasibility study process is underway.