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Friday, March 06, 2009

Two Chinese companies seek to participate in building Ecuador's biggest hydro-power project

QUITO, March 4 (Xinhua) -- Two Chinese companies have presented their bids to the Ecuadoran government on the construction of the biggest hydroelectric project in the South American country, said the Ecuadoran government Wednesday.

The Sino-Ecuador (Gezhouba) and Sinohydro-Andes JV companies have offered to finance some 80 to 85 percent of the total money needed to build the Coca-Codo-Sincalir hydroelectric project, Ecuadorian Strategic Areas Coordination Minister Galo Borja said.

The project, which is expected to cost 2 billion U.S. dollars, can generate 35 percent of the total electric power the country needs when it turns into operation.

Till last week besides the two Chinese companies, one Italian and one Iranian companies had also voiced their interest in investing the project, but only the Chinese companies presented their offers on Tuesday, Borja said.

Borja said that the final winner will be announced on April 20.

Initially the government had decided to self-finance the project, but it was obliged to change its mind and let foreign company's participation due to the international crisis, Borja said.

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