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Refinancing for the extra section was successfully concluded this week, bringing Strabag’s total contract value to about €1.5bn.
The contract comprises the construction of tunnels with a total length of 73km for a hydropower plant with a total installed capacity of 530MW.
In November 2012, Strabag announced it had been awarded the contract to build a part of the Alto Maipo hydropower complex 50km southeast of Santiago de Chile (link opens in new tab).
Difficult technical conditions and the withdrawal of another contractor led the client, AES Gener, to conclude a new construction agreement with Strabag in February this year. The agreement had been awaiting the conclusion of the bank financing before coming into effect.
Strabag will now carry out construction of the Yeso/Volcán System, which had previously been the responsibility of the client or of third parties. The new total contract price is a lump sum that covers both the work that has already been carried out as well as all future work to be provided by Strabag.
With the successful financing and Strabag’s takeover of the additional section, 4,700 jobs in Chile have been secured.
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