Hidroituango comes out afloat: insurer has already disbursed remaining debt to EPM

That is the “final, whole and definitive fee” of the 983 million {dollars} agreed between the 2 entities final December because of the lack of earnings and the higher investments that EPM needed to make in Hidroituango and delays within the commissioning of the hydroelectric plant because of the emergency.

“To this fee for 633.8 million {dollars} acquired right this moment, the advance funds by Mapfre to EPM for 350 million {dollars} are added,” mentioned EPM’s basic supervisor, Jorge Andrés Carrillo, quoted in a press release.

EPM, managed primarily by the Medellín Mayor’s Workplace, and Mapfre agreed on December 10 that the Spanish insurer would bear 90% of the losses brought on by the Hidroituango contingency.

After this remaining fee, “EPM will proceed with the withdrawal of the arbitration declare,” it mentioned in a press release, thus ending the conciliation and arbitration course of.

The disaster originated in April 2018 when a diversion tunnel of the Cauca River collapsed, forcing the movement to be despatched by way of the challenge’s machine room to keep away from additional harm, however virtually 5,000 folks needed to evacuate their houses attributable to a flood of the river brought on by building works.

The preliminary schedule contemplated that the hydroelectric plant ought to begin producing power in November 2018, however attributable to delays it’s anticipated to begin working within the second half of 2022.

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On November 25, the Comptroller’s Workplace confirmed the fiscal duty of 26 folks, together with people and authorized entities, for the “destruction of the current worth of the challenge within the quantity of three.1 billion pesos” and a “misplaced revenue of 1.1 billion pesos”. pesos”.

The mayor of Medellín, Daniel Quintero, assured this Tuesday that the Comptroller’s Workplace has but to find out the quantity that’s lacking, in keeping with the alternate price that’s stipulated that is still to be paid by the “already convicted, politicians and mega-contractors who did a part of the harm that occurred in Hidroituango”.

“We’re going to proceed working to get better each peso that’s misplaced to the general public and assure that what’s in charge is what pays and never the residents, as has at all times occurred,” mentioned the mayor.

“EPM is working with all its assets to place into operation the primary two energy technology models of the Ituango Hydroelectric Mission, every with a capability of 300 megawatts (MW), within the second half of 2022,” the corporate mentioned right this moment in a press release. .

As of December 31, 2021, the challenge, which is anticipated to be one of many largest hydroelectric vegetation within the nation, was 86.9% full.

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