Venezuela is seeking financing from the National Bank for the Social and Economic Development in Brazil (Bndes) -the greatest Brazilian industrial promotion bank- for a hydroelectric project in Tocoma, in the Caroní river; a 2.7 billion U$ investment. This project will be a key factor for the industrial development of the Brazilian northeast.

Rafael Sánchez, president of the Venezuelan Corporation of Guayana (CVG) indicated that “we initially informed them that we were requiring nearly 1.4 billion U$”. Sánchez indicated that Edelca, a CVG hydroelectric subsidiary, would provide around 40% of the total financing for Tocoma (1.1 billion U$), while the Andean Corporation of Promotion (CAF) recently approved a 300 million U$ loan. “What we seek is to complete the financing”, said Sánchez , who announced that the president of Bndes had shown interest in the proposal.

The Venezuelan authorities intend to begin the Tocoma project (with a capacity of 2,250 megawatts) by 2010, to start operations in 2014. Tocoma will join the almost finished hydroelectric project Caruachi, as well as the Guri and Macagua plants (all of them located in the south Caroní river), to supply 17,670 megawatts, part of which already supplies the Brazilian northeast.

Published in Quantum No 31.

Rubén Arachín