• $450 million loan disbursed for construction of Ituango hydroelectric power plant

IDB Invest, the private sector institution of the Inter-American Development Bank (IDB) Group, today disbursed $450 million of a $1 billion senior, unsecured A/B loan to Empresas Públicas de Medellín, confirming its commitment to financing the construction of the Ituango hydroelectric project.

The disbursement includes participation from the IDB Group and a group of international commercial banks and institutional investors.

The financing comes after the hydropower facility in the northern region of Antioquia, Colombia, experienced contingencies caused by historic rains and landslides this year. The impacts of these events were closely evaluated by IDB Invest and a team of independent experts. IDB Invest and its group of B-lenders consider the impacts are largely contained and are committed to continue to support the project.

As the largest hydropower project in Colombia with a capacity of 2,400 MW, Ituango aims to produce 13,900 Gwh/year of clean, renewable energy, representing approximately 17 percent of the country’s total installed power capacity and offsetting 4.3 million tons of CO2 emissions. The project seeks to stimulate economic activity, increase energy access and lower energy prices in Colombia.

About IDB Invest
IDB Invest, the private sector institution of the Inter-American Development Bank (IDB) Group, is a multilateral development bank committed to supporting businesses in Latin America and the Caribbean. It finances sustainable enterprises and projects to achieve financial results that maximize economic, social and environmental development for the region. With a current portfolio of $11 billion under management across 362 projects in 22 countries, IDB Invest works across sectors to provide innovative financial solutions and advisory services that meet the evolving demands of its clients. As of November 2017, IDB Invest is the trade name of the Inter-American Investment Corporation. 

About EPM
EPM is a company with more than $15 billion in assets that was founded 63 years ago as a public utility services company. It is fully owned by the Municipality of Medellín. The EPM Group is the first in home public services in Colombia. Today it leads an international group with presence in Colombia, Guatemala, El Salvador, Panama, Chile and Mexico, in the sectors of electric power, natural gas, drinking water, basic sanitation, and solid waste management.