The loan was awarded to two subsidiaries of GDF Suez who hold the concession for the Dos Mares project, which the three plants form a part of. With a total installed capacity of 117.5 MW, the plants will be integrated into the river’s existing hydroelectric system consisting of the Fortuna and Canjilones plants.
The EIB is granting this loan under the Sustainable Energy and Security of Supply Facility, which is multiannual EUR 3B credit line designed to finance projects in developing countries that contribute to the achievement of sustainable energy and security of the energy supply. Latin America is one of the regions eligible for financing from this credit line, which is used in cases where the EIB does not need the European Commission’s guarantee to mitigate the political risk and safeguard its high credit rating.
