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In a letter to the finance ministry, the company said it requested approval for a 250bn-peso (US$109mn) "public credit transaction" to finance the project in Colombia's Santander department.
"Isagén has the adequate financial structure, reflected in higher operation income than expenses, to cover [the plant's] functionality, meet financial obligations and partially finance capital investment," the letter said.
The Medellín-based company also said it has "the financial capacity" to service its debt.
Isagén on Tuesday began operating the first of three Sogamoso units, providing 400GWh of power to the Colombian market.