Loan for Carauchi Plant granted today

(Caracas, December 17, 1993).— A US$50 million loan was today granted to the company CVG Electricidad del Caroní (EDELCA) for construction of the Caruachi Hydroelectric Plant located 22 km from Puerto Ordaz, Bolívar state.

Caruachi will have 2,160 MW of installed power with average annual power generation of 13,300 GW /hour for the national interconnected system.

Previously, CAF had granted US$33 million for the Macagua Plant II, project whose execution began in 1987 and is now progressing rapidly. The first generating units are scheduled to come online next year.

Both plants are located on the Caroní River whose enormous hydroelectric potential EDELCA has been developing for three decades in an effort to make electric power available to the country in sufficient quantities and at competitive prices.

EDECLA currently owns and operates two hydroelectric facilities on the Caroní: Macagua I and the Raúl Leoni Plant (Guri), the second largest in the world.

These plants have made possible the development of the country’s heavy industry in the Guayana region which now supply over 70% of domestic demand for electricity.

Additionally, these projects will have little effect on the environment because EDELCA has structured an interdisciplinary group dedicated to reducing to the minimum the environmental impact which this type of works generates, especially protection of wildlife. Construction of Macagua II also includes the works needed to preserve the scenic beauty of the Cachamay and La Llovizna waterfalls.

The agreement was signed in CAF headquarters in Caracas by CAF President Enrique García, CVG Minister/President Francisco J. Layrisse, and EDELCA President Efraín Carrera.

The CAF president said the loan was one of CAF’s priority projects since it would contribute to meeting the growing national need for electric power, especially the industrial exporting sector.