Inter-American Development Bank’s (IDB) private sector financing institution IDB Invest has announced it will provide a $1bn loan to Empresas Públicas de Medellín (EPM) to support the construction of the Ituango hydropower plant in Antioquia, Colombia.

To be located in the northern region of Antioquia, the facility will have a total capacity of 2.4GW.

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The plant is said to be the largest of its type in the country and is expected to generate around 13,900GWh of renewable electricity annually when in operation.

The first stage of commercial operation is expected to begin in 2018, while the second stage will commence in 2022.

“Of the total amount, $300m will be provided by IDB and another $50m by IDB Invest-administered China Co-Financing Fund.”

On completion, the new plant will be expected to represent approximately 18% of the country’s total installed power capacity. IDB’s financing will be provided in two tranches, which each have a 12-year term.

Of the total amount, $300m will be provided by IDB and another $50m by IDB Invest-administered China Co-Financing Fund for Latin America and the Caribbean.

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Another $650m will be co-financed by international commercial banks and institutional investors such as CDPQ, KFW IPEX, BNP Paribas, ICBC, Sumitomo Mitsui Banking Corporation, BBVA and Banco Santander.

IDB stated: “The transaction highlights the expansion of renewable energy in emerging markets and underscores IDB Invest’s commitment to mitigating climate change.”