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The dual-tranche loan has a 12-year repayment term with a four-year disbursement period, EPM said in a statement.
The first tranche includes US$350mn from the IDB Group and US$50mn from a Chinese government-IDB Invest co-financing fund. The second is backed by a syndicate comprising CDPQ, KFW, IPEX, BNP Paribas, ICBC, Sumitomo Mitsui, BBVA and Banco Santander.
Located on the Cauca river, 170km northeast of Medellín, Ituango is the largest infrastructure project in Colombia, requiring investment of 11.4tn pesos (US$3.88bn).
It is due to begin generating electricity this year and will boast 2.4GW of capacity when complete.