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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.

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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.