Washington, D.C./ Bogotá, Colombia,
November 17, 2009—IFC, a member of the World Bank Group, will provide
a $16.5 million loan to Colombia’s Termorubiales S.A. to build a
power plant that will help ramp up production of the Rubiales oil field
to more than 100,000 barrels a day.
This will support the Colombian government’s
goal of increasing local oil production and private investment in the oil
and gas sectors through the reliable provision of electricity.
The new Termorubiales power plant, located
in Eastern Colombia, will help resolve a bottleneck of energy supply that
the Rubiales oil field faces due to its remote location and lack of access
to the national electricity transmission grid. The plant will have an effective
gross capacity of 64.5 megawatts at a cost of $68.5 million. It is being
developed by the Miami-based Energy International Inc, and is receiving
additional financing from Corporación Andina de Fomento and the Inter-American
“The investment in Termorubiales by
IFC and other multilateral agencies clearly reflects confidence and support
in the Colombian power and oil sectors, said” Brett Hall, Vice President
of Finance at Energy International. “We are pleased to have IFC as a partner
as we help develop these sectors that are essential for Colombia’s economic
and social development.”
Bernard Sheahan, IFC Director for Infrastructure, said, “IFC is very pleased
to work with Energy International, a key player in the power sector, in
its operations to expand electricity services in Latin America.”
IFC’s strategy in Colombia focuses
on supporting sectors that are essential to social and economic development,
including infrastructure, health, education, and public-private partnerships
to build ports, roads, and airports. IFC assists leading Colombian companies
modernize and expand their businesses internationally. IFC also promotes
access to finance for micro, small, and medium enterprises. In fiscal year
2009, IFC committed $224 million to private sector projects in Colombia.
As of October 2009, IFC’s committed portfolio in the country was nearly
$1 billion, its third largest in the Latin America and the Caribbean region.
For more information about IFC in the region, please visit: www.ifc.org/lac.
IFC is the only international financial
institution focused exclusively on the private sector, the engine of sustainable
development in emerging markets. Along with IBRD, it is currently seeking
a capital increase to strengthen its ability to create opportunity for
the poor in developing countries—including by helping address energy supply
challenges in Colombia.
IFC, a member of the World Bank Group,
creates opportunity for people to escape poverty and improve their lives.
We foster sustainable economic growth in developing countries by supporting
private sector development, mobilizing private capital, and providing advisory
and risk mitigation services to businesses and governments. Our new investments
totaled $14.5 billion in fiscal 2009, helping channel capital into developing
countries during the financial crisis. For more information, visit www.ifc.org.
About Energy International
Energy international is a full-service
engineering, procurement and construction company concentrating our expertise
in the energy production market. For more information, visit www.energyinternational.com.