Colombian utilities company ISAGEN has won a US$65.8mn loan from a group of international banks to construct an 820MW power plant in Colombia.

The buyer’s credit agreement comprises a US$39.5mn direct loan from Japan Bank for International Cooperation (JBIC) – its first ever loan to ISAGEN – and a US$26.3mn loan from Bank of Tokyo-Mitsubishi UFJ and BBVA.

ISAGEN will use the funds to purchase equipment, including generators from a consortium of Mitsui, Plant Systems and
Toshiba International Corporation, to construct a hydraulic power plant in the Sogamoso river basin in Santander, Colombia.

With the robust economic growth of recent years, Colombia is anticipating a greater domestic power demand and is being urged to expand its power supply capacity, JBIC says in a statement.