EPM and IDB Group Signed Addendum to the Credit Agreement
This is proof of confidence in the Organization.
- Fecha de publicación
- 2021-03-30 00:00
- Contenido
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- The first power generation units of the Ituango Hydroelectric Project are scheduled to begin operating in 2022.
- The future plant will generate 17 % of the country's electricity and contribute to the quality of life of millions of Colombians.
- This is proof of confidence in the Organization.
In an important sign of support for the Organization and the development of the Ituango Hydroelectric Project, the IDB Group and EPM signed an addendum to the credit agreement signed in 2017.
This represents the support of multilateral banks, development banks and international commercial banks for the Ituango Hydroelectric Project and the responsible management of EPM Group," said Alejandro Calderón Chatet, CEO of EPM.
Signing the addendum, which was constituted in an agreement defined between the parties subsequent to the contingency that began in the Ituango Hydroelectric Project in April 2018, updates certain contractual elements in relation to technical, environmental and social aspects.
The addendum does not include amendments to the financial conditions of the interest rate or the term of the credit agreement. The total amount of the loan is USD 900 million, of which 50 % has been disbursed to date.
The addendum was unanimously signed by the seven international lenders that, together with the IDB Group, are financing the future power plant.
A relationship based on trust
EPM and the Inter-American Development Bank (IDB) have a long-term relationship, which has allowed the development of major projects that have contributed to the progress of the region and the well-being of the community. In addition, this relationship has fostered EPM's institutional development and has strengthened its meticulousness in the technical, environmental and social management of its projects.
In 1961, the entities signed their first loan, aimed at improving and expanding Medellín's drinking water system. The IDB has also been involved in financing the cleanup of the Medellín River, and in important power generation projects, such as Porce III and now the Ituango Hydroelectric Project. To date, 12 credit agreements have been signed between the two institutions, for a total amount of USD 2,386 million.