IMPSA president Jorge Rafael Salcedo acknowledged support from the US State Department and Department of Energy, characterizing the project as among Latin America’s most significant energy sector initiatives. Venezuelan Energy Minister Rolando Alcalá stated completion would strengthen industrial development in Bolívar state and stabilize the entire Guayana dam complex reservoir system.
Tocoma construction began in 2007 under Hugo Chávez with an original 2014 completion target but stalled at 87.19 percent completion according to Transparency Venezuela. The facility is part of the Guayana hydroelectric complex alongside the Guri, Macagua, and Caruachi plants. A June 2026 memorandum of understanding between the Venezuelan government and IMPSA preceded this week’s formal contract, establishing a 14-to-19-month timeline for initial construction and technical coupling phases across ten generating units.
Venezuela has experienced years of electrical service failures, particularly in areas outside Caracas. The government attributes outages to foreign sanctions and alleged sabotage, while opposition groups and independent analysts cite corruption and infrastructure neglect. President Delcy Rodríguez has requested citizens reduce electricity and water consumption due to an intense El Niño episode colloquially termed “Superniño,” which has severely depleted hydroelectric reservoir levels. The electrical crisis has intensified pressure on the government to demonstrate tangible infrastructure improvements amid broader economic instability affecting millions of residents dependent on increasingly unreliable power supply.
This article was curated and published as part of our South American energy market coverage.
