Ecuador is to receive $1.6bn in funding to help finance the country’s Coca Codo hydropower plant (HPP).

Coca Codo will be the country’s largest power plant that will generate 1,500MW of power and require a total investment of $1.9bn from The Export-Import Bank of China, according to

Power from the plant is expected to be cheaper than already produced by local thermoelectric plants and will reduce electricity imports from Peru and Colombia.

The HPP is to be built by China’s Sinohydro, according to Ecuador’s Strategic Sectors Coordination Ministry.