Angostura Hydroelectric Project
At the end of June 2010, Impregilo won the competitive bidding launched by the client Colbun SA, a Chilean company involved in electrical power generation, to build a hydroelectric project in Chile, with an overall value currently standing at approximately €250 million.
The plant is located in the Angostura area about 600 km south of the capital Santiago.
In particular, the project involved the construction of a main dam measuring 152 meters long and 63 meters high, a secondary dam measuring 1.6 km long and 25 meters high, and the underground power plant which houses three generators for 316 MW of installed power. The electrical power output is about 1540 GWh per year.
Starting with the second half of fiscal year 2011, the project started to run into some critical issues due to growing socio-economic problems differing substantially from the projections shared during the bidding phase, and site working conditions resulting in part from changes in the work required by the client. The litigation actions taken against the client allowed for a partial containment of the effects that these critical issues have had on the profitability of the project. As of the reference data of this Annual Report as at December 31, 2014, the project’s profitability was still in the red, and fully reflected in the balance sheet values already posted for previous fiscal years.
The construction works are completed.