OIV-Tocoma starts 2,160MW Tocoma construction

Tuesday, March 20, 2007

Brazilian-Venezuelan consortium OIV-Tocoma has started to build Tocoma, the last hydroelectric project in Venezuela's lower Caroni river, Venezuelan state generator Edelca said in a statement.

OIV-Tocoma signed the construction deal in a ceremony at the construction site with Edelca, which will operate the 2,160MW plant.

Multilateral lending organizations are financing nearly 75% of Tocoma despite the fact that Venezuela traditionally prefers to use debt or cash flow to finance infrastructure projects.

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Specifically, the Inter-American Development Bank is financing US$750mn of the project, Edelca said. Total project costs will exceed US$3bn.

Venezuela has requested two separate loans from the Andean Development Corporation (CAF) for Tocoma totaling US$1.2bn.

The first Tocoma unit could come online by mid-2012, Edelca said.