Hydroelectric plant in El Salvador will cost $1.1 billion
The estimate investment to build the El Cimarron hydroelectric dam has increased to $1.1 billion.
Monday, August 18, 2008
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.
Tenders for the project to double the capacity of the "5 de Noviembre” hydroelectric will begin in 2010.
The Government of South Korea pledged $800 million to finance El Cimarrón hydroelectric dam.
The 15 hydroelectric projects currently under construction in Panama have a value of $1.35 billion, and they will increase the installed capacity by 600 kilowatts.
President Oscar Arias eliminated by decree the obstacle that would have denied water licenses to hydroelectric producers. At the same time he's seeking more private investment in the sector.
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