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Argentina, Russian bank sign agreement on financing hydropower project

July 30, 2016, 3:11 UTC+3 BUENOS AIRES
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BUENOS AIRES, July 30. /TASS/. The Argentine Finance Ministry and Russia’s Vnesheconombank on Friday signed an agreement on financing construction of the Chihuido I hydropower plant in the amount of $ 1.9 billion, the ministry said in a press release.

This covers 85% of the project’s estimated cost of $ 2.23 billion, it said.

In April 2015, Russia and Argentina signed about twenty agreements during President Cristina Fernandez de Kirchner’s official visit to Russia. The package included an agreement on implementation of the Chihuido I project.

The Russian company Inter RAO Export will be the nominated subcontractor in charge of supplying electric and hydromechanical equipment. It is a member of a consortium of Argentine engineering companies led by Helport SA, which the Argentine government named as the winner of a governmental bidding contest in December 2014.

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