Hydropower
The Argentine-American company IMPSA began rehabilitation and modernization work on the Macagua and Tocoma hydroelectric plants, part of Venezuela’s National Electric System (SEN), with the goal of recovering 672 MW of generating capacity within 24 months, the company reported.
The official ceremony was held at the Macagua plant, while acting President Delcy Rodríguez followed the event from Caracas.
Attendees included IMPSA President Jorge Salcedo; Minister of Electric Energy Rolando Alcalá; Corpoelec President Juan Crisóstomo Fernández; the U.S. Chargé d’Affaires in Venezuela, John Barrett, current chargé d’affaires in Guatemala; and U.S. Department of Energy economist Rachel Brazier, along with Venezuelan officials and company executives.
The first phase aims to recover 240 MW at Macagua, through the rehabilitation of units 4, 5 and 6, and 432 MW at Tocoma, through units 1 and 2. At Macagua, the first intervention will focus on units 5 and 6, with the goal of restoring up to 160 MW in approximately 90 days.
According to the company, both units will be upgraded to generate 80 MW each, compared with the 60 MW of their original design, which would also extend their service life. Unit 4 will then add another 80 MW within 12 months, completing the 240 MW planned for that plant. According to IMPSA, work is already underway at both facilities, and the company expects to hire more than 1,000 workers over the course of the program.
Statements from the participants
“We know that having a reliable power supply is essential for Venezuelan families and communities. With reliable energy, essential businesses can thrive, jobs can be created and the economy can grow,” said Jorge Salcedo, president of IMPSA.
The executive added: “Today we move from commitment to execution. Our immediate goal is to recover the first 160 MW at Macagua in approximately 90 days. Rebuilding the Venezuelan electric system is a much larger undertaking, but we believe that concrete results, project by project, are an integral part of that effort.”
For his part, Minister Rolando Alcalá said progress is being made to add 600 MW to the system between 2027 and mid-2028. “We continue to recover the infrastructure of the National Electric System,” he said.
John Barrett highlighted the participation of U.S. companies in the project: “What we are seeing here is the innovation, technology and talent of American companies working hand in hand with Venezuelans.”
Long-term plan
Beyond the first stage, IMPSA and Corpoelec are considering, according to the company, recovering up to 2,640 MW between both plants: 2,160 MW at Tocoma and 480 MW at Macagua. This target is subject to the execution of additional phases of the program.
IMPSA had previously supplied engineering, equipment and technology for both plants, a track record that, according to the company, facilitates the current work. The Mendoza-based company was acquired in February 2025 by the U.S. fund Industrial Acquisitions Fund (IAF), and has since presented itself as an Argentine-American company.
Founded more than 100 years ago, the firm reports 50,000 MW installed across more than 180 projects worldwide.