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Hidroituango Hydroelectric Plant Construction Hidroituango Hydroelectric Plant Construction Source: EPM

EPM Taps IDB, International Banks for US$1 Billion ‘Hidroituango’ Finance

Published in Companies Written by  December 31 2017 font size decrease font size increase font size 0
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Medellin-based multinational power giant EPM announced December 29 that it won a US$1 billion credit from the Interamerican Development Bank (IDB) “Invest” funding subsidiary for debt finance of its 2.4-gigawatt, US$5 billion “Hidroituango” hydroelectric project in Antioquia.

The credit package includes payback terms of eight-to-12 years. Draws would take place during a four-year period, virtually completing 100% of Hidroituango project finance, according to EPM.

Commenting on the deal, EPM general manager Jorge Londoño de la Cuesta said the finance package is of “profound significance” for the company as it ensures broader funding diversity.

As a result of the latest deal, 36% of Hidroituango finance will come from EPM’s own resources with the other 64% from debt sources.

Winning IDB backing not only represents debt diversification but also means that major international lenders fully recognize EPM’s technical, social, environmental and financial capacity, he added.

The US$1 billion package includes US$50 million from the Chinese government, US$300 million from IDB and US$650 million from private international banks including Sumitomo Mitsui, BNP Paribas, BBVA, Banco Santander, CDPB, KFW PEX and ICBC, according to EPM.

The Hidroituango project is now 80% complete with the first 300 megawatts of power output scheduled to start at year-end 2018, according to the company.

EPM is 100% owned by the city of Medellin and now operates throughout Colombia, Guatemala, El Salvador, Panamá, Chile and México, providing electric power, natural gas, drinking water and sewage treatment systems.

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