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Renewable energy developer Lareif secured a US$12mn loan from the Inter-American Investment Corporation (IIC) to finance two run-of-the-river hydroelectric plants in Colombia, an IIC release said.
The El Molino and San Matías hydro plants are both located in central Antioquia department and will have 19.9MW installed capacity each. Both facilities are expected to begin commercial operations in 2016.
In April BNamericas learned that Lareif was seeking IIC financing for the two hydro plants which are estimated to need US$125mn in total.
Lareif hired Colombian power and engineering company HMV Ingenieros for engineering, design, construction and supervision of the civil works. HMV Ingenieros has completed at least five run-of-river hydroelectric projects in Colombia to date.