The Inter-American Investment Corporation (IIC) will offer a loan of up to $36.4m to Ecuador-based Hidrosanbartolo to construct and operate a hydroelectric power plant.
Hidrosanbartolo was created recently to develop projects for energy generation projects in Ecuador.
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Hidrosanbartolo will use the finance to set up the 48MW run-of-the-river plant along the Negro River in the southeastern Equador.
As part of the project, the company will develop three turbines, an electrical substation and a 42km transmission line.
The plant is projected to produce about 350,000MWh of electricity a year and thereby reduce greenhouse gas emissions equivalent to the annual emissions of 30,000 automobiles.
IIC operations lead investment officer Javier Hernández said that this project will contribute to Ecuador’s economy through the supply of low-cost renewable energy generation.
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By GlobalData"In addition, the plant will help balance supply and demand for low-cost electric power and provide jobs for the region," added Hernández.
IIC is a member of the Inter-American Development Bank (IDB) Group with focus on financing small and medium-sized enterprises (SMEs) in Latin America and the Caribbean.
The corporation has approved investments including an A loan of up to $10m and a B loan of up to $26.4m from other financial partners. Totally, the project is expected to cost $76,750,000.
