‘Hidroituango’ Hydroelectric Project Costs Soar by 111%
A new report from Colombia’s Comptroller General finds that the gigantic, 2.4-gigawatt “Hidroituango” hydroeletric plant in Antioquia now has an estimated total cost of COP$23.2 trillion (US$6.31 billion) once completed — or 111% higher than initially estimated at COP$11 trillion (US$3 billion).
To date, the Hidroituango project parters — Medellin power giant EPM and the Antioquia departmental government — have already invested COP$18.82 trillion (US$5.12 billion) not only for new construction but also for massive repairs following a disastrous tunnel collapse in April 2018.
Although Hidroituango construction was more-than-95% complete at end-February 2026, recent estimates indicate that final completion would be around late 2027 or early 2028 — rather than mid-2022 as originally planned, according to the Comptroller.
“This means that, if this final cost is confirmed, the project will be COP$12.2 trillion [US$3.3 billion] higher than the COP$11 trillion [US$3 billion] initially projected,” according to an official statement from the Comptroller.
Deputy Comptroller General Carlos Enrique Silgado Betancourt recently visited the project to get updates on construction and estimated costs.
“At the start of the [Comtroller’s] monitoring period [in 2022], this project was working to recover from the serious damage caused by the April 2018 [tunnel-collapse] incident, due to the blockage of diversion tunnels and the collapse of the Auxiliary Diversion Gallery (GAD),” according to the Comptroller.
“Today we can say that the monitoring carried out by the Comptroller General’s Office has been successful, since thanks to the management of EPM’s technical and legal team, the hydroelectric plant already has four turbines in commercial operation since October 2023, and work is proceeding rigorously and systematically to bring the remaining four into commercial operation between the second half of 2027 and the first half of 2028,” according to Deputy Comptroller Silgado.
“Likewise, given the situation with the insurance policies for this project, the longer execution timeframe, and the increased cost compared to the initial estimate, the Deputy Comptroller announced that all of this will be subject to review and evaluation in upcoming fiscal control exercises,” according to the Comptroller General’s Office.
“Since the first four turbines of the Ituango hydroelectric project began operating (two in December 2022 and two in October 2023), it has generated and delivered 21,638 gigawatt-hours (21,638 GWh) of electricity to the National Interconnected System, thus helping to meet the growing demand.
“EPM also informed the Comptroller General’s Office that the Ituango hydroelectric plant has met its firm energy obligations to date, achieving a plant availability of over 91% in 2025.
“Once its construction is completed, it is estimated that Hidroituango will be able to supply Colombia’s national interconnected system with up-to-17% of the country’s current electricity demand,” the Comptroller added.
