Argentina signs $1.9-bn deal with Russia’s VEB for power plant construction

Jul 30, 2016 12:00 AM

Argentina’s Finance Ministry has signed an agreement with Russia’s Bank for Development (VEB) for the implementation of the Chihuido-1 hydroelectric power plant project.

The deal, signed in Moscow on Friday, is worth almost $1.9 billion, the ministry said. The total cost of the project is about $2.2 billion, thus Argentina now has about 85 percent of the funds needed for its implementation.

In April 2015, Russia’s Inter RAO Group won a tender for the construction of the Chihuido-1 hydroelectric power plant on the Neuquen River, in Argentina’s Neuquen province. The power station will have a capacity of 637 megawatts.

The Inter RAO company has also expressed interest in building the Chihuido-2 plant with a 296 megawatt capacity.

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