Sinohydro Corporation (Sinohydro) has signed a contract with Ecuador’s President Rafael Correa to build a $2 billion Coca-Codo-Sinclair hydroelectric project in Ecuador, Xinhua News Agency reported. The project will be constructed along the Ecuadorian Amazon River and will be located about 75 km from the capital city of Quito. The plant will have a total capacity of 1,500 MW generating 8.8 billion kW annually which will be capable of meeting 75% of the Ecuador’s power supply.
The project also includes the construction of a dam to use the waters from Coca River, a machine house and an 24 km-long underground tunnel.
The Export-Import Bank of China will cover 85% of the project's total cost and the remaining 15% will be covered by the Ecuador government.
The project will create about 4,000 direct jobs and 15,000 indirect jobs in Ecuador, Correa said.