Colombia, Panama to invest $420 mn in power line
Aug. 22, 2011 - latino.foxnews.com
Bogota – Colombia and Panama will invest $420
million to construct a power line that will start
in the northern region of the Andean nation and could
eventually connect with all of Central America, the
energy and mines minister in Bogota said Monday.
The project will be financed in equal parts by the
two countries, Carlos Rodado said in an interview
with Caracol Radio and Television.
Rodado said that the accord was formalized last Friday
in Panama City together with Panamanian Finance Minister
Alberto Vallarino, the president of the Colombian
state utility ISA, Luis Fernando Alarcon, and the
Panamanian utility Etesa.
ISA will contribute 50 percent of the funding for
the project, while the Panamanian government will
pay Etesa's quota.
Thus "the financial aspect is concluded and
the line now becomes a genuine commitment," Rodado
said in explaining that Panama and, in the future,
other Central American countries, will be able to
receive surplus hydropower from Colombia.
The 14,000 MW line should go into service by 2014,
strung along the Caribbean coast between one country
and the other, Rodado said.
The Colombia-Panama power line is part of a project
that has been under consideration for several years
by ISA, the leading transmitter of electricity in
Colombia and one that has expanded its activities
to several Central and South American countries,
including Bolivia, Brazil and Peru.