The Inter-American Investment Corporation (IIC) is to lend up to US$12 million to Colombian firm PCHs Los Molinos S.A.S. E.S.P. for the development, construction, and operation of two small run-of-the-river hydroelectric plants on the San Matías River, in the municipalities of Granada and Cocorná, Department of Antioquia.
The El Molino and San Matíaswill each have an installed capacity of 19.9MW and together will generate 244 GWh of clean energy per year. They are expected to begin commercial operations in 2016.
“With this operation, the IIC will be supporting the development of small-scale hydroelectric projects in Colombia through long-term financing," said Olga Lucía De Narváez, IIC lead investment officer in charge of the operation. "Furthermore, the project will increase the country's installed capacity of energy generation and will provide additional energy at a very low cost to meet growing demand."
The power plants are being developed by Lareif, a Panamanian company which specialises in renewable energy projects.
