The Inter-American Development Bank (IADB) is considering providing US$400 million in supplementary funding for construction of the 2,320-MW Manuel Piar (Tocoma) hydroelectric project on Venezuela’s Caroni River.
IADB said it is in the process of defining the proposed supplementary financing program for Manuel Piar. It said the program had an estimated total cost of US$800 million.
IADB approved a US$750 million loan for the US$3.06 billion project in 2005. In January, Latin lender Corporacion Andina de Fomento (CAF) announced the signing of a US$600 million loan to help complete the project. CAF, the Andean Development Corp., provided a previous US$300 million loan to the project in 2004.
In January, Argentina hydro industry supplier IMPSA signed a US$520 million contract to supply 10 232-MW Kaplan turbines, generators, and other equipment.
Venezuela President Hugo Chavez renamed the Tocoma project Manuel Piar in 2006. It includes a 300-meter-long, 82-meter-tall concrete dam and hydropower station. Impregilo began work at the site in 2007.
Chavez said in May that completion of Manuel Piar, expected in 2014, would bring to four the number of hydro stations powered by the Caroni River. (HNN 5/27/08) Chavez said the government plans to invest US$10.3 billion to develop 42 hydroelectric projects between 2008 and 2014.