The project, to be completed in 2015, is expected to cost an estimated US$2B, with 85% funded by the Export-Import Bank of China, and 15% by the Ecuadorian government.
The project will include construction of a dam and powerhouse on the Coca river and 24km of tunnelling work.
Once complete, it is expected to provide 75% of Ecuador’s power needs and will be the country’s largest hydroelectric project.
Funding for the project had been doubt in March following the breakdown of negotiations between the Bank and the Ecuadorian Government. Talks began again in April and an agreement in principle was reached last month.
