IDB Invest has approved a $1 billion loan package for Empresas Públicas de Medellín (EPM) to build the largest hydropower project in Colombia.

The 2400MW Ituango hydropower facility is located in the northern region of Antioquia and will represent approximately 18% of the country’s total installed power capacity will complete.

The financing package comprises a $300 million A loan from the IDB Group, as well a $50 million co-loan from the IDB Invest-administered China Co-Financing Fund for Latin America and the Caribbean, and a $650 million B loan from international commercial banks and institutional investors (CDPQ, KFW IPEX, BNP Paribas, ICBC, Sumitomo Mitsui Banking Corporation, BBVA and Banco Santander).

IDB Invest, the private sector institution of the Inter-American Development Bank (IDB) Group, is a multilateral development bank committed to supporting the private sector in Latin America and the Caribbean.