The IDB Group signed an amendment to the corporate loan with Empresas Públicas de Medellín (EPM) to complete the construction of the Ituango Hydroelectric Project.
The amendment was unanimously approved by the seven international lenders who, together with the IDB Group, are financing the project, and will create a path for EPM to continue making disbursements under the loan. The proceeds will be used by EPM to continue implementing the environmental, social and safety programs necessary to complete the project. This amendment is the result of continued commitment and strong collaboration between the IDB Group, the lenders and EPM.
The IDB Group is committed to supporting and ensuring the implementation of adequate and proactive measures to address environmental, social, and corporate governance issues, in accordance with international best practices.
EPM continues to work on mitigating and offsetting the environmental and social impacts of the 2018 contingency, and is on track to start the commercial operation of the first of the eight turbines in the project during the second quarter of 2022. Ituango’s project will generate 13,900 GWh per year of clean and renewable energy, which represents approximately 17 percent of all energy in Colombia.
About IDB Invest
IDB Invest, a member of the IDB Group, is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social and environmental development in the region. With a portfolio of $13.1 billion in asset management and 385 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries.