EPM received a new millionaire payment for the Hidroituango insurance

For the contingency, Mapfre insurer made a third payment for 100 million dollars.

EPM received this Tuesday an advance payment of 100 million dollars for material damage in the Ituango hydroelectric project, by the insurance company Mapfre.

These are in addition to the 150 million dollars delivered by Mapfre in December 2019 and the 100 million dollars reimbursed in September 2020, with which the resources received so far for the contingency registered in the work in April 2018 they amount to 350 million dollars.

This figure paid by Mapfre corresponds to that recommended by the Adjuster, based on the expenses and investments made by EPM in the recovery of Hidroituango.

Last July, EPM updated the value of the investments necessary for the completion of the project by $ 2.1 trillion, resources that will ensure the entry into commercial operation of the first two generation units in the second half of 2022 and the remaining six units between 2023 and 2025. With this, the total of the Investments in the future plant amount to $ 18.3 billion.

What are the payments invested in?

The resources obtained by this payment from the insurer are destined to attend to the recovery of the project and the development of the works, which will allow the hydroelectric plant to be in operation, which will generate 17% of the energy that the country needs.

The ‘construction and assembly all risk’ insurance policy that covers the contingency that occurred in the Ituango hydroelectric project, on April 28, 2018, It has an insured limit of 2,556 million dollars for coverage of material damage to infrastructure and equipment.

It also has coverage for the delay in the entry into operation of the Hydroelectric Plant (money lost due to damages derived from the contingency) por 628 million dollars, amounts that set the maximum liability of the insurer. It is important to indicate that the compensation will correspond to the value of the damage suffered by the Project and covered by the insurance, considering that it is a partial loss.

What’s next now? EPM continues to adjust the loss generated by the contingency in the project and is committed to providing its constant collaboration to Mapfre and the adjuster in said process that is carried out in accordance with the terms and conditions of the policy.

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