Venezuela and energy firm IMPSA have signed an agreement to complete the development of major hydroelectric project Tocoma in the country's southern region, the government said on June 13.
IMPSA - originally an Argentine state-owned firm, now owned by the U.S.-based Industrial Acquisitions Fund - told this week it had progressed in renegotiating a contract to develop and rehabilitate two key hydroelectric projects in Venezuela, saying it could add up to 672 megawatts of generation capacity starting in the coming months.
The Tocoma project aims to add over 2,000 MW of capacity in 10 generation units, IMPSA said, with the first two phases expected to take 14 to 19 months, he said.
The government said in a statement the deal will add 2,640 megawatts of energy to the country's grid.
Venezuelans nationwide regularly experience problems with public services - especially electrical power - with some parts of the country's west lately suffering hours of daily power cuts. Acting President Delcy Rodriguez has said solving the long-running cuts is a priority, but foreign power firms have hesitated to join repair proposals on doubts about how they would be paid.
