The Inter-American Investment Corporation (IIC) and private banks were considering providing financing to a greenfield run-of-river hydroelectric plant. Following Nathan’s original due diligence of the project, the IIC signed a US$78 million financing package with Hidronormandia S.A. to support the construction and operation of the hydropower plant and transmission line.

The plant, located on the Upano River in the city of Macas, will help diversify Ecuador’s energy matrix by adding 49.6 MW of renewable energy capacity and generating 349.9 GW/h of clean energy every year. It will reduce dependency on fossil fuels and imports from neighboring countries, while displacing approximately 126,781 tons of carbon dioxide equivalent emissions per year. In addition to long-term financing, the IIC also provided technical assistance funds to conduct environmental studies, including an environmental flow management plan—the first of its kind in Ecuador.

Nathan, as Lenders’ Independent Engineer for the Banks, is conducting technical visits to the site every quarter during the construction phase of the project.

Nathan is currently:

  • Monitoring the construction progress and confirming adherence to the schedule and budget
  • Identifying and analyzing the main risks during the construction phase and how these risks could affect the financial soundness of the project and capacity to service debt in the future; and
  • Preparing certificates every three months approving the construction works to date, the budget, and the necessary funding







2016 - 2017



Relevant Services

Asset Performance Assessment & Monitoring, Energy, Transaction Advisory Services & Project Finance Structuring

 All Projects