The funding of $300 million for the construction of the Patuca III hydroelectric project has been approved by the bank Eximbank.
Financial Secretary, William Chong Wong said that negotiations of both the technical and political details with China have reached the final phase, which has led to the approval of funding by the bank.
Laprensa.hn on its website quoted Roberto Martínez Lozano, manager of the National Electricity Company (Enee), saying that "... the inauguration stone will be laid on the 16th of May, marking the beginning of construction of the Patuca III which is expected to be completed in 36 months. "
The first phase of the Hydro Power Plant is picking up steam after the signing of an agreement between Honduras and China.
After three months of negotiations, the governments of both countries agreed the construction of the first phase of the hydro plant, located 220km east of the capital city Tegucigalpa.
Roberto Martínez, head of Enee, the state power company, explained that "the agreement was signed in front of representatives of Chinese companies Shino-Hidro, Chang Ching-teng ... and that the official ceremony will be conducted on May 16".
The government of Taiwan delivered the required technical and engineering studies for building the hydroelectric power plant Patuca III.
Roberto Martín, Lozano, head of the National Energy Corporation (ENEE), explained that they are devising the project’s financial model: “for this the Government has some resources, we could maybe enter a public-private alliance”, he said.