Latin bank funds Colombia’s 9.8-MW Guanaquitas, 9.8-MW Caruquia

The Inter-American Investment Corp. (IIC) has approved loans totaling US$15.5 million for construction of the 9.8-MW Guanaquitas and 9.5-MW Caruquia hydroelectric projects in Colombia’s Guadalupe River Basin.

IIC, a member of the Inter-American Development Bank Group, approved loans July 15 of US$7.85 million to operating company Guanaquitas S.A. and US$7.65 million to Caruquia Informacion S.A.

The two companies are to build Guanaquitas and Caruquia in the municipality of Santa Rosa de Osos, Antioquia Province. The run-of-river projects, which will have no reservoirs and minimal environmental effect, are to generate 124.1 gigawatt-hours annually.

The World Bank’s International Finance Corp. (IFC) is considering an application to help finance the projects. (HNN 4/25/08) IFC, which said its board is expected to act on loans totaling US$15.5 million, said the projects are expected to begin operation in late 2009 and early 2010.

IFC identified the project sponsor as Century Energy Corp., a Panama-based subsidiary of Colombia’s Helm Group. The project operating companies are to enter engineering-procurement-construction contracts with HMV Ingenieros, which also is wholly owned by the Helms Group.

IFC said the total project cost is estimated at US$43.7 million, US$21.5 million for Caruquia and US$22.2 million for Guanaquitas. It is to be financed with US$31 million of debt and a US$12.7 million equity contribution from Century.

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