Developer AES Gener has received US$1.217 billion in funding from a syndicate of local and international banks for the construction of Chile's 531-MW Alto Maipo hydropower project.
Contributing to the project financing are the Overseas Private Investment Corporation (OPIC), Inter-American Development Bank (IDB), International Finance Corporation (IFC), CorpBanca, Banco de Credito e Inversiones, Banco Itau Chile, Banco del Estado de Chile, KfW Ipex-Bank GmbH and DNB Bank ASA.
"The execution of this funding agreement is a milestone of great relevance in the development of the project," AES Gener general manager Luis Felipe Ceron said.
Alto Maipo includes two hydropower plants: the 264-MW Alfalfal 2 and the 267-MW Las Lajas.
The Alfalfal 2 project will be located in the Colorado River sub-basin downstream from Alfalfal 1, and Las Lajas will be located near the confluence of the Maipo River and El Manzano marsh.
AES said the project is to be operational by 2018.
A consortium led by Germany's Hochtief AG was awarded a contract to construct Alto Maipo's tunnels and other intake structures in November 2012.
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