Consortium CCC Ituango, formed by Brazil's Camargo Corrêa and Colombia's Conconcreto and Coninsa Ramón H, was awarded the tender in September with a bid of 1.89tn pesos (US$1.03bn).
The consortium will have 2,080 days (6.3 years) to execute the contract.
The dam will be located on the Cauca river, in the Colombian state of Antioquia and is scheduled to come online in 2018. Work included under the contract covers construction of the dam; a 225m high rockfill structure; an underground generation plant, housing eight turbines and electromechanical equipment; and other associated works.
The estimated total investment is US$5.5bn, which includes financial costs, readjustments and unforeseen expenses. It will be the largest hydroelectric plant in the country and is estimated to generate 7,000 jobs.
HydroItuango is comprised of EPM and Antioquia department's government.
A special purpose vehicle named EPM Ituango was created by Colombian JV HydroItuango and is responsible for managing the development of the mega hydro.
EPM will have a 50-year contract over the management of the facility, covering an eight-year construction phase and 42 years of operations.