The Inter-American Investment Corporation (IIC) has agreed to provide a loan of up to $36.4m to finance the construction and operation of a 48MW run-of-the-river hydroelectric power plant in Equador.
IIC is a member of the Inter-American Development Bank (IDB) Group that has focus on financing small and medium-sized enterprises (SMEs) in Latin America and the Caribbean.
Ecuadorian company Hidrosanbartolo will develop the plant expected to be constructed along the Negro River in the southeastern region of the country.
The project will feature three turbines, an electrical substation and a 42km transmission line. The hydroelectric plant is estimated to generate about 350,000MWh of energy every year and consequently diminish greenhouse gas emissions comparable to the annual emissions of 30,000 automobiles.
IIC operations lead investment officer Javier Hernández commented that this project will contribute to Ecuador’s economy through the supply of low-cost renewable energy generation.
“In addition, the plant will help balance supply and demand for low-cost electric power and provide jobs for the region,” Hernández said.
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