The Japan International Cooperation Agency (JICA) signed a Loan Agreement (L/A) with Electricidad de Ecuador for the Chachimbilo Geothermal Development Project (Phase I) in Quito, the capital of the Republic of Ecuador, on October 24. The project outline is as follows
Signing Ceremony
Project Summary
Project Name
Chachimbilo Geothermal Development Project (Phase I)
Chachimbiro Geothermal Development Project (Phase I)
Country (region covered)
Republic of Ecuador
Imbabura Province
Business Objectives
This project will contribute to the promotion of sustainable economic and social development in Ecuador by constructing a geothermal power plant in the province of Imbabura in northern Ecuador, thereby promoting the use of renewable energy sources, diversifying power sources, and increasing power generation capacity, while also contributing to climate change mitigation. The current loan will cover exploration well drilling and engineering services (E/S) related to the F/S of the Phase II loan (power plant construction) to promote smooth implementation of the project.
Business
(a) Preparation work (excavation site development, access roads, etc.) (not covered by yen loans)
(a) Procurement of drilling equipment and materials
(c) Drilling of research wells (4 research wells and 1 reduction well)
(d) Consulting services (drilling supervision and procurement support, fumarole testing, resource evaluation, F/S preparation for power plant construction, etc.)
(e) Temporary construction of power distribution lines (approx. 20 km) (not covered by yen loan)
Loan amount (maximum)
6.582 billion yen
Interest Rates
Body: 1.15% Consulting and services: 0.01
Redemption period
30 years (including 10 years of deferment)
Procurement Conditions
untied
*Preferred conditions apply. (Applies to the “Environment and Climate Change Sector.”)
Implementing Agency
Empresa Pública Estratégica Corporación Eléctrica del Ecuador – CELEC EP
Contribution to the achievement of the SDGs
Goal 7: Energy for All and Clean
Goal 13: Take concrete action on climate change.
Schedule for future project implementation (tentative)
(1) Project completion date: August 2029 (project completion upon completion of consulting services)
- expected date of sending invitation for consulting services (detailed design, etc.): Q1 2025
Publication of the first package of international competitive bids for the main body of work Scheduled date: April 2026
© Source JICA
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