Hidrowarm

Hidrowarm is a new company that was created to implement the Normandía hydropower plant project. The project consists of designing, building, setting up, and operating a 48.51-MW hydropower plant (including five Pelton turbines) on the Upano River. The project is located 25 km from the city of Macas in the Province of Morona Santiago, in southwestern Ecuador.

The purpose of this IIC operation is to provide financing for the development of the aforementioned project. The IIC loan will comprise an A loan and a B loan for a total of up to US$75 million, along with parallel loans, if necessary. The A loan, of up to US$10 million, will be funded by the IIC, and the B loan, and any parallel loans, in the amount of US$65 million, will be funded by participating banks acceptable to Hidrowarm and the IIC.

The IIC loan to Hidrowarm will help expand the power pool of the Ecuadorian government’s energy programs by adding energy from renewable sources at competitive rates. This is the fourth IIC loan to companies related to Grupo One Energy, the main shareholder in Hidrowarm. The first and second IIC loans to this group, approved in 2005, totaled US$7 million and were provided to Hidroabanico S.A., a hydroelectric power plant with a capacity of 38 MW that is currently operational. In 2013, a third IIC loan in the amount of US$10 million was provided to Hidrosanbartolo, a hydroelectric power plant with a capacity of 48 MW that came online in 2015.