The Inter-American Development Bank yesterday approved a US$800 million supplementary loan to Venezuela for the completion of the Manuel Pilar (Tocoma) hydropower project in the Lower Caroní River Valley.

Construction on the plant, which will have an installed capacity of 2,160 megawatts, began with the initial diversion of the river in 2002. An IDB release said its 10 generators are scheduled to begin operating on a staggered basis between 2012 and 2014.

When completed, it will be the fourth hydropower plant in the Lower Caroní River Valley, which already provides 70 percent of Venezuela’s electricity supply. The release noted that the IDB had taken part in the development of this energy system with a US$500 million loan approved in 1993 to part finance the construction of the Caruachi project, and a US$350 million loan fo