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Ecuadorian president hails Sinohydro investment

(Xinhua)
Updated: 2009-04-08 11:14

Ecuadorian President Rafael Correa hailed on Tuesday China's investment of over $1 billion in the country's largest hydroelectric plant Coca-Codo-Sincalir.

Related readings:  Chinese bank to fund Ecuador's biggest hydroelectric project  China signs cooperation agreements with Ecuador  Sinohydro wins $300 million order in Sudan  Sinohydro wins 4.9b yuan railway construction contract

The plant will cost $2 billion in total and the Chinese company Sinohydro will cover over 80 percent of the total investment, Correa said.

The other 15 percent will be funded by Ecuador and Argentina, he said.

The 1,500 MW plant, located some 75 kilometers east to Quito, will be the largest in the country.

Ecuador, which has long been troubled by power shortages, spent roughly $26.9 million on importing electricity from Colombia in 2008, according to a report issued by the National Center for Energy Control in January.

Ecuador expects in 2009 another Chinese investment of $1 billion in oil and energy sectors.