Venezuela Signs Contract with IMPSA to Complete Tocoma Hydroelectric Plant Amid Energy Crisis

Venezuela has signed a contract addendum with the Argentine multinational IMPSA to reactivate construction on the Tocoma hydroelectric plant. The move comes as the country grapples with persistent energy shortages and calls for energy conservation.

Delcy Rodríguez, the acting president, stated that completing Tocoma is crucial for reinforcing Venezuela's hydroelectric system. The project is expected to add 2,640 megawatts to the national grid upon completion of its ten generating units.

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Today we know the impact on our national electrical system, and that is why we work tirelessly on its recovery

Jorge Rafael Salcedo, president of IMPSA, expressed gratitude for the support, noting the project's significance for the Latin American energy sector. He assured that IMPSA would execute the project with the highest standards of efficiency, quality, generation, and technology.

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For us, this is a very important vote of confidence they are giving us, and we are going to execute this project with the greatest efficiency, with the greatest quality, and above all, with the highest standards of generation and technology that can exist in the hydroelectric area

Minister of Electric Energy Rolando Alcalá added that finishing the Tocoma plant would bolster industrial development in Bolívar state and stabilize the reservoir system of the greater Guayana complex, which includes the Guri, Macagua, and Caruachi plants. Construction on Tocoma began in 2007 but faced delays, with the NGO Transparencia Venezuela reporting an 87.19% completion rate when works halted.

Venezuela has experienced frequent electricity supply failures for years, particularly in remote regions. The government blames foreign sanctions and "sabotage," while critics point to corruption and a lack of maintenance. The current agreement follows a memorandum of understanding signed in June to resume Tocoma's works, with initial construction and technical coupling phases estimated to take fourteen to nineteen months.

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will strengthen the industrial development of Bolívar and provide stability to the entire reservoir system of the great Guayana complex