More money for Palomino Dam
President Leonel Fernandez has sent an amendment to the contract for the construction of the Palomino Hydroelectric Dam to the Senate. The amendment increases the authorization for state borrowing of the loan from US$50 million to US$130 million. The initial financing was granted by the Central American Economic Integration Bank and was approved by Congress on 25 May 2009.
The amendment also establishes that the Palomino Dam will now be managed by the Hydroelectric Generation Company (EGEHID) instead of the Public Electricity Corporation (CDEEE).
The dam is under construction at the Yaque del Sur and Blanco rivers, by Brazilian company Odebrecht working with the local company Concremat. The government says it will generate electricity (179.4 gw/hour a year) and provide irrigation waters. In the promotion of the dam, the government says it will increase hydroelectric generation by 15% and reduce oil imports by 400,000 barrels. It is expected [...]
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