Isagen secures US53 million for Sogamoso hydro project

Colombia's state generator Isagen has completed a process to acquire 101 billion pesos (US$53 million) in financing to help fund construction of the Sogamoso hydropower project.

The financing comes in the form of two 15 year credit notes from financial institution Bancolombia, Business News Americas reported.

The 820-MW Sogamoso hydro project will supply 10 percent of Colombia's energy needs and increase Isagen's generation capacity by 38 percent when it comes online by the end of 2014.

Isagen has previously held several bond issues to secure financing for the project.

In 2009, the Andean Development Corporation approved a US$140 million loan to assist with development of the project, Business News Americas reported.

The project's total cost is estimated at US$1.74 billion, reports indicate.

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