IFC and Austrian development bank OeEB provide $98 million financing for largest private hydro project in Honduras

IFC, a member of the World Bank Group, and OeEB, Austria’s development bank, are providing $98 million in financing for the largest private hydropower project in Honduras.

IFC is supporting the construction of the 38.5-megawatt project with senior and subordinated loans totaling $30 million. IFC has also mobilized $68 million for the project, including a $23 million parallel loan from OeEB.

The project, La Vegona, is IFC’s first renewable energy investment in Honduras. Beginning in mid-2013, the hydropower plant is expected to produce about 181 gigawatt hours of electricity a year.

Original source: The Financial