The Daily Journal — The Venezuelan government has signed an agreement with the Latin American energy company IMPSA to restart and complete construction of the Tocoma Hydroelectric Power Plant while advancing rehabilitation projects within the National Electric System (SEN). According to government officials, the reactivation of these civil works and engineering projects will add a total of 2,640 megawatts to the country’s power grid.
Acting President Delcy Rodríguez announced the agreement on Saturday through her official Telegram channel.
“We have signed a historic agreement with IMPSA, a renowned Latin American company, to complete the Tocoma Hydroelectric Power Plant and advance work on the National Electric System (SEN). These projects will add 2,640 megawatts to the country, helping guarantee the stability of this essential public service and supporting our nation’s economic growth,” Rodríguez stated.
Reactivation after more than a decade of inactivity
The government’s announcement coincides with progress reported by IMPSA’s management team. The Argentine-founded company, now owned by the U.S.-based Industrial Acquisitions Fund, has moved forward with contract renegotiations with Venezuela’s state-owned utility Corpoelec.
More than a decade ago, the parties signed the original agreement with financial backing from institutions such as the Andean Development Corporation (CAF). However, payment defaults and U.S. sanctions halted the project and prevented further execution.
As a result of that commercial standstill, the company kept high-engineering components and turbines in storage facilities located in Mendoza Province, Argentina, for several years.
Earlier this year, the U.S. government issued a special license that resolved the corporation’s legal obstacles and opened the way for the signing of a supplemental contractual agreement covering the export and final installation of hydraulic and mechanical components in Venezuela.
IMPSA President Jorge Salcedo previously told Reuters that a technical delegation of Venezuelan officials recently traveled to the company’s facilities in southern South America to inspect the available equipment.
Immediate technical plans include an initial stabilization phase that would inject up to 672 megawatts into the national grid over the coming months. The plan calls for the activation of two generating units at the Tocoma project and the full rehabilitation of three independent units at the Macagua hydroelectric complex, both located in southern Venezuela.
