Jan 18 2011
Isagen, Colombia’s State Generator, has secured US$53 million or 101 billion pesos finance for constructing the 820MW Sogamoso hydro project. This project would provide 10% of the energy requirements of Colombia and at the same time add to Isagen’s generation capacity by 38%.
The finance would be provided as two, 15 year credit notes from Bancolombia, a financial institution. The project would be operational by 2014 end. Isagen has in the past held many bond issues for securing the finance for this project. The project’s total cost is calculated to be US$1.74 billion. In 2009, a US$140 million was awarded to Isagen by the Andean Development to help develop the project.
The Sogamso Hydro Project is located on the Sogamoso River about 40 km from Bucaramanga city in north-west Colombia. A dam of 190 m height and 300 m length along with an underground powerhouse, which would contain three turbines of 820 MW would be constructed. Also two diversion tunnels of 870 m and 11m diameter would also be built along with roads and access tunnels to the power station.
Isagen is a mixed utility company and is affiliated to the Ministry of Mining & Energy in Colombia. It operates and owns four hydraulic power plants and one thermal power plant. Currently Isagen’s operations are in the Colombian region. However future plans of expansion to other countries are also in the pipeline.