The Comision Ejecutiva Hidroeléctrica del Río Lempa (CEL) stated that this project will be developed under the BOT system ("build, operate and transfer").
It is a form of financing through which private entities receive a concession from the public sector to finance, design, build and operate an infrastructure during a certain period of time. When the term ends, the project returns to the institution or government that granted the concession.
The Government of South Korea pledged $800 million to finance El Cimarrón hydroelectric dam.
The chairman of the Executive Committee of the Lempa River Hydroelectric (CEL), Nicolás Salume, announced that a study will be done regarding the financing structure offered since there are other countries interested in investing such as Mexico, Italy, Spain and Brazil.
The estimate investment to build the El Cimarron hydroelectric dam has increased to $1.1 billion.
The president of the Rio Lempa Hydroelectric Executive Commission (CEL), Nicolás Salume, indicated that the increase in costs is because the project has been in planning for more than 10 years and that, because construction materials are now more expensive, the initial investment (which was at $450 million) has now tripled.
President Elias Antonio Saca will place the first stone for the El Chaparral central hydroelectric plant that will mark the formal start of construction.
The initial investment, estimated to be $163 million, will be financed by the Central American Bank for Economic Intergration, as was recently confirmed by the president of the Rio Lempa Hydroelectric Executive Commission (CEL), Nicolas Salume.
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