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Chinese bank to fund Ecuador's biggest hydroelectric project
(Xinhua)
Updated: 2009-04-03 15:51 Ecuadorian President Rafael Corre met with representatives from China Development Bank on Thursday to discuss the Chinese company's $1 billion investment in the construction of Ecuador's biggest hydroelectric plant.
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. (For more biz stories, please visit Industries)
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