Financing secured for 500 kV Transmission project between Ecuador & Peru
The Inter-American Development Bank (IDB) has approved a US$125 million loan for a 500 kV power line that will help Ecuador and Peru connect their electrical grids.
The total length of the transmission network is 544 km, consisting of 280 km of transmission lines and a new substation in Pasaje, Ecuador. The segment will extend south to the Peruvian border from the current Chorrillos substation north of Guayaquil. The line will go on for a further 264 km to Piura from there.
The Peruvian segment was bid out under a private concession deal that covers 30 years of commercial operation, whilst in Ecuador the works will be owned and run by Empresa Pblica Estratégica Corporación Eléctrica del Ecuador (CELEC EP), the company will also put up an additional US$13.62 million in local counterpart funding.
The IDB's funds are for Ecuador’s side of the new transmission infrastructure. The European Investment Bank is expected to contribute an additional US$125 million to the project.
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