Impsa plans to begin work on two turbines already included in its agreement with Venezuela's state utility, Corpoelec. Those are two of the ten units at the Tocoma dam, and finishing them is slated to take about two years and lift capacity by 432 megawatts. Speaking in Washington, CEO Jorge Salcedo said, "We are probably going to make an offer to finalize those," adding, "Maybe the next four months, once they see progress, once they see that we have the ability to perform, we'll go into the rest of the units." He said the company would assume the whole project scope, from required civil works to the transmission line.
Beyond Tocoma, Impsa separately contracted for three units at the Macagua dam, and each one is rated at 80 megawatts. Salcedo declined to share the overall value of the company's agreement with Corpoelec, citing a non‑disclosure agreement. "The funds are in the United States, and they are authorized by OFAC and the Department of Treasury to be used specifically for critical electricity infrastructure," he said. Impsa is owed $80 million tied to the original projects, and Salcedo said the company needs specific approvals from the Office of Foreign Assets Control before it can address that debt. "Whenever we get authorization, I am sure we'll have good faith negotiations with Corpoelec on how we can work that out," he said.
Experts peg the sector's capital needs at no less than $25 billion, and the squeeze is so tight the government is telling companies joining the US‑led effort to revive oil and gas to bring their own generators. The Tocoma and Macagua projects aim to lift output and help stabilize reservoirs along the lower Caroní, with work that first started in the mid‑2000s but later stalled amid the economic crisis. Impsa has kept in steady touch with US officials dating to prior to the Jan. 3 raid that resulted in Nicolás Maduro's capture, and Salcedo said those officials have helped open a channel with Delcy Rodríguez's interim government. Venezuela's information ministry did not immediately comment.
Rates, prices and policy all end up in your budget eventually. Get the free Market Briefs daily newsletter and see it coming.
For everyday investors, the takeaway is simple: if these upgrades stick, they could reduce blackouts and steady industrial activity, which can reshape risk and supply narratives across everything from regional power equipment to energy logistics.
