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Financing | Privatization/Concession | Construction/Engineering | Irrigation/Flood Control
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MeneameLatin American development bank CAF has greenlighted a partial credit guarantee of US$50mn to help Odebrecht subsidiary H2Olmos build the irrigation component of Peru's Olmos multipurpose hydro project (PEOT) in Lambayeque region.
The CAF guarantee will support a bond placement on the local market that will finance around 50% of the US$258mn irrigation project, the bank said in a release.
The project's irrigation component involves collecting, channeling and regulating water that flows from the Huancabamba river towards productive land, as well as building, operating and maintaining irrigation infrastructure. The latter component will be carried out by H2Olmos.
Work includes building a 19.3km, 4.8m-wide water transfer tunnel, which is due to wrap up in two months. The tunnel will channel water from the Huancabamba river to the country's coast, where it will be stored in the Limón dam, completed earlier.
The project will irrigate 38,000ha of uncultivated land, and also includes a 50MW power component that will cost US$60mn-80mn.
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