Ecuador Will Invest About 850 Million USD in Hydroelectric Projects in 2011
By Dialogo December 06, 2010Ecuador will invest about 850 million dollars in at least eight hydroelectric projects in 2011, with a view toward covering its deficit in electricity generation, the Minister of Strategic Sectors, Jorge Glass, indicated.
Already in June, Ecuador signed a contract with the state-owned Eximbank for a credit line of 1.6827 billion dollars for the hydroelectric plant Coca Codo Sinclair (CCS), construction of which was awarded to the Chinese firm Sinohydro and which will become the country’s largest, with 1,500 MW of power.
CCS will generate 8,600 GW/hour of energy a year and will make it possible to save 2.5 million dollars a day in fuel costs, according to official figures.
Ecuador’s hydroelectric plants cover about 66% of the country’s demand for energy (around 50,000 MW/h) under normal conditions, with the balance made up by thermoelectric generation and by purchases from Colombia and Peru.
The 2011 budget, approved by the Congress, destines 1.219 billion dollars for investment in strategic sectors.
The objective of the investments is that “we will be able to depend less on thermal energy and will be able to move more toward hydroelectric generation,” the Minister of Economic Policy, Katiusca King, said for her part.