Electricity Minister Alecksey Mosquera announced that Ecuador’s energy and hydrocarbon investment fund will provide US$224 million in financing to nine hydroelectric projects totaling 1,572.9 MW.
The Fondo Ecuatoriano de Inversion en los Sectores Energetico e Hidrocarburifero (FEISEH) is to provide the financing from its funds, which come from sale of oil from fields the government confiscated from Occidental Petroleum in 2006.
Business News Americas identified the nine projects and their amounts of FEISEH funding as:
o 100-MW Quijos-Baeza, US$182 million;
o 15.5-MW Rio Luis, US$22 million;
o 980-MW Buenos Aires, US$1.91 million;
o 285-MW Minas-Jubones-La Union, US$5.89 million;
o 84-MW La Union, US$4.54 million;
o 27.8-MW Soldados-Yanuncay, US$3.5 million;
o 30.6-MW Jondachi, US$1.46 million;
o 27.7-MW Llanganates, US$1.48 million; and
o 22.3-MW Mazar-Dudas, US$1.4 million.
The ministry noted FEISEH previously approved funding for several hydro projects that now are in construction with completion expected by 2013. They include 1,500-MW Coca Codo Sinclair (HNN 2/11/08), 550-MW Sopladora (HNN 1/3/08), 228-MW Toachi-Pilaton (HNN 3/7/08), and 26-MW Ocana. (HNN 2/8/08)
Ecuador to increase hydro to 80 percent of generation
Mosquera presented on March 20 policies and strategies to change Ecuador’s power matrix, including a plan to increase hydropower to 80 percent of the country’s generation mix, up from the current 50 percent. As an example of the benefits, he cited the Coca Codo Sinclair hydro project.
ï¿½This power station of 1,500 MW represents more than 60 percent of the present demand of energy,ï¿½ the minister said. ï¿½When it begins to work it will allow the state to save about US$2 billion a year due to the reduction of fuel imports used in thermal generation.ï¿½