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Colombian JV Hidroituango has created a special purpose vehicle (SPV) named EPM Ituango, which will manage the development of the Ituango mega hydro, the former said in a press release.
Hidroituango is comprised of Colombian multi-utility EPM and Antioquia department's government.
EPM Ituango was created via deed number 893 and approved by a shareholders' assembly.
The new company is expected to receive regulatory approval from the Medellin chamber of commerce by March 29.
The body will finance, operate, maintain and hold the right to derive profits from the dam, before being reabsorbed into the parent company.
The 2.4GW Hidroituango dam on the Cauca river will use eight turbines and be the largest hydroelectric plant in the country. Investment in the project is slated to reach US$2.8bn.