Total costs in the development of Colombia's 2,400-MW HidroItuango hydropower project are expected to reach US$5.5 billion, wire services reported.
Developer EPM expects to invest some US$3.05 billion on the dam alone, officials said during EPM's first quarter results conference. The utility previously estimated project costs at US$2.8 billion, Business News Americas reported.
The eight-turbine hydropower project will be built on the Cauca River and will be the country's largest hydroelectric power project. EPM is developing the project as part of a JV with the Antioquia department government.
An SPV named EPM Ituango was created in March to manage development of the project, which is expected to begin operations in 2018.
Earlier this week, EPM announced the approval of US$391 million in financing for the subsidiary.
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