Global PoleTrusion Group Corp. has signed a lease agreement for 5 hectares of land for the Barú-1 Biomass Power Plant which will be located in the town of Progreso in the Chiriquí region of Panama. Construction for the power plant is planned to begin once the environmental, construction and operation permits have been finalized. With an initial capacity of 5 megawatts, the Barú-1 plant is expected to provide gross annual revenues of USD 3.5 million with operating expenses of USD 1.1 million. GPGC previously announced that its Panamanian subsidiary, Los Santos Energy Corp., obtained a 10-year power purchase agreement for the biomass power plant which will use palm oil extraction residues to generate electricity. The land is in close proximity to both the grid substation and the oil extraction facilities that will provide the biomass used for generating electricity, thereby keeping transportation costs and its carbon footprint as low as possible.