IIC Approves US$36.4 Million for Renewable Energy in Ecuador
Hydroelectric power plant to reduce energy production shortfall and energy costs
Washington, D.C., November 12, 2012 — The Inter-American Investment Corporation (IIC) has approved a loan of up to US$36.4 million for Ecuadorian firm Hidrosanbartolo S.A., which it will use to build and operate a run-of-the-river hydroelectric power plant along the Negro River in southeastern Ecuador.
The plant will provide 48 MW of generation capacity and produce some 350,000 MWh annually, thereby reducing greenhouse gas emissions equivalent to those produced by 30,000 automobiles each year. The project includes three turbines, an electrical substation, and a 42-km transmission line.
According to Javier Hernández, the IIC’s lead investment officer in charge of the operation, “This project will have a positive economic impact on Ecuador’s economy by providing a low-cost source of renewable energy generation that will also help reduce the effects of climate change. In addition, the plant will help balance supply and demand for low-cost electric power and provide jobs for the region.”
Hidrosanbartolo S.A. is an Ecuadorian corporation that was recently created to develop energy generation projects in Ecuador.
The approved investments includes an A loan from the IIC of up to US$10 million and a B loan of up to US$26.4 million funded by other financial partners. The total cost of the project is US$76,750,000.
About the IIC
The IIC, a member of the Inter-American Development Bank (IDB) Group, promotes private-sector development in Latin America and the Caribbean with a focus on small and medium-sized enterprises (SMEs). We help companies streamline management processes and provide them with financing in the form of equity investments, loans, and guarantees. In 2011, the IIC reached the symbolic one-billion-dollar mark in disbursements of own and third-party funds. Throughout our history, we have benefited more than 1.6 million SMEs in Latin America and the Caribbean. For more information on the IIC’s activities, visit www.iic.org.
Contact: Javier Hernández
Telephone: +1 (202) 623-3992 in Washington