| Chinese bank to fund Ecuador's biggest hydroelectric project |
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| Tuesday,April 07,2009 Posted: 09:55 BJT(0155 GMT) |
| From:za Article type:Original |
The first part of the investment would arrive in 60 days, Diego Borja, coordination minister for economic policy of Ecuador, said at a press conference. Last September, the Ecuadorian government announced a plan to build Ecuador's biggest hydroelectric plant Coca-Codo-Sinclair, which would have a capacity of 1,500 Megawatts.The plant will be located some 75 kilometers east to Quito and will cost about $2 billion. Chinese company Sinohydro-Andes will provide 85 percent of the cost, through the Export-Import Bank of China. The remaining 15 percent will be funded by Ecuador and Argentina.Ecuador has been troubled by power shortages, it spent roughly $26.9 million on importing electricity from Colombia in 2008, according to a report issued by the National Center for Energy Control in January. |
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