Argentina and Paraguay signed the Buenos Aires Declaration on Friday, committing themselves to completing work on the Yacyretá hydroelectric plant in 2008, according to Prensa Latina.

The document was signed by Argentinean Planning Minister Julio de Vido and Paraguayan Public Works Minister Jose Alderete. It marks the countries’ pledge to raise the level of the complex, located over the Parana river, north of the Argentinean province of Corrientes, from 78m to 83m asl. Upon completion, the plant will generate 19,680GWh/yr through its 20 turbines.

The Argentinean Bank of Investment and Foreign Trade will provide the US$563.4M funding in yearly payments during 2004-2008.