Renewable Energy: $500 million for New Plants

The Congress of Costa Rica has finally approved a $500 million loan for the state electricity company to carry out electric generation and transmission works, including three geothermal plants.

Friday, May 18, 2018

Of the total amount of the loan with the Inter-American Development Bank (IDB) approved by the Legislative Assembly, close to $200 million will be used to finance the Pailas II, 50 MW, and Borinquen I, 55 MW geothermal projects, both in Liberia, Guanacaste. reports that "... In addition, the money will be used for an optimization system for the Miravalles III plant, for the updating of the national hydro-meteorological network, for the reinforcement of transmission lines in Guanacaste and for renovation of the country's distribution network."

See also "Central America: $1.2 billion in energy projects"

"... The other $300 million from the IDB will go to the Borinquen II geothermal project, also in Liberia with 55 megawatts, the modernization of the Arenal hydroelectric plant and transmission and distribution works to strengthen the national electricity system."

The bill of this loan had been stalled in the Legislative Assembly since 2015.

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More on this topic

$500 million Loan for Geothermal is At Risk

August 2017

The Costa Rican Congress decided not to approve a $500 million loan that the state run power company wants to take out with the IDB to finance geothermal power generation projects in the country.

The deputies argued that they were not clear about the financial situation of the Instituto Costarricense de Electricidad (ICE), which would receive the loan, for which the State would act as guarantor. The decision to halt the loan approval comes two days after President Solis announced he is facing a liquidity crisis.  

Costa Rica: $500 million for Electricity Infrastructure

February 2016

The financing agreement between the IDB and the government provides funds to complete the geothermal plants Pailas II and Borinquen I and II of 55 MW each, and other electrical infrastructure.  

From a statement issued by the Ministry of Finance:

Authorities at the Ministry of Finance, the Costa Rican Electricity Institute (ICE) and the Inter-American Development Bank (IDB) signed a cooperation agreement to finance investment projects CR-X1014 for an amount up to $500 million.

Costa Rica: $500 million for Geothermal Plant

December 2015

With a loan from the IDB it is hoped that the state power geothermal projects Pailas Borinquen I and II will be completed and improvements made to the transfer line from Guanacaste and its connection to Central America.

The plan by the Instituto Costarricense de Electricidad (ICE) is to invest the proceeds of the loan between 2017 and 2025, starting with projects under development in Guanacaste, Borinquen Pailas I and II.

Panama: $12 million for Solar Plant

February 2015

The IIC has approved a loan of up to $11.9 million for the construction of a 10MW solar power plant in the province of Cocle.

From a statement issued by from the Inter-American Investment Corporation (IIC):

The Inter-American Investment Corporation (IIC) has approved a loan of up to $11.9 million to Divisa Solar 10MW SA, to finance the construction, development and implementation of a solar photovoltaic power plant with a nominal capacity of 9.9 MWp in Cocle Province, Panama.

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