Lenders to arrange funding for Panama’s 31.3-MW Bonyic

Two lending institutions for Latin America announced December 12 they will arrange up to US$52.1 million in debt financing for construction of the 31.3-MW Bonyic hydroelectric project on Panama’s Teribe River.

The Central American Bank for Economic Integration (CABEI) and Corporacion Interamericana para el Financiamento de Infraestructura S.A. said they will serve as joint lead arrangers for project developer Hidroecologica del Teribe S.A.

Earlier this year, the developer made draft bidding rules available to build and equip the project in Bocas del Toro Province. (HNN 7/23/07) The US$50 million project is to take two years to build. Water will be channeled through a 3.9-kilometer tunnel to a powerhouse near Rancho Quemado containing three Francis turbine-generators.

Colombia utility Empresas Publicas de Medellin (EPM), which owns 75 percent of Hidroecologica del Teribe, approved a US$20 million investment in Boynic earlier this year. CABEI noted Bonyic is EPM’s first project outside Colombia.

The developer received a 50-year concession from the Panama government to build, own, and operate Bonyic in 1996.

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