Itaipu Binancional has paid the final instalment of construction debt for the 14GW Itaipu hydroelectric project, bringing it's almost 50-year financial commitment to build the bi-national hydroelectric project on the Paraná River between Brazil and Paraguay to an end, Bnamericas has reported.

The final US$115 million payment was made in February it was announced. It included $107 million paid to the Brazilian Development Bank (BNDES), and the remaining $8 million to power company Eletrobras. 

With a production that has already exceeded 2,910 million MWh since the start of operations in 1984, Itaipu has met the energy requirements of bith the Paraguayan and Brazilian systems. It has also helped promote the establishment of new industries and aided the development of the cities that are in its area of direct influence.

The Itaipu project is currently undergoing a major technological upgrade, which is being undertaken by a consortium led by GE Renewable Energy’s hydropower business.