Brazilian construction company Construcoes e Comercio Camargo Correa has won two contracts worth a total of $450 million for the construction of the Porce III Hydroelectric Plant, 147 km from the city of Medellin, Colombia.

Work is due to begin this month and will take around five years.

Camargo Correa will head a consortium including Colombian firms Conconcreto and Coninsa.

The 660 MW plant on the Porce River, lin the state of Antioquia, is due to begin commercial operations in 2010 at a total development cost of around $900 million. The Inter- American Development Bank (BID) will provide $200 million and the rest of the financing will be provided by Empresas Publicas de Medellin (EEPPM).