After when work for the construction of 2.4 GW Ituango hydro project was suspended, Empresas Publicas de Medellin (EPM) received a COP1trillion credit line. The funds came from Bancolombia with 3-year repayment term. The said funds will be available for 2 years to stabilize cash flow of EPM.
EPM also received approval from the city government of Medellin to contract with international lenders up to US$750 million. EPM can now sell assets up to US$1.3B within and outside Colombia.
In April, huge flooding caused damage to the structural integrity of the facility. EPM is now conducting a study into the cause of construction problem. The project's operations will be delayed by at least 3 years to December 2021.
It was estimated that the cost of the project before the problem is at US$4B. It forecasts the total cost of the emergency will reach COP7T, including US$1.3B in lost energy sales, US$630M in repair works and US$314M in contingency expenses.
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Read moreEmpresas Públicas de Medellín (EPM) has disclosed to Superfinanciera, Colombia’s financial market regulator, its progress in reconstructing the 2.4 GW Ituango hydroelectr...
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