Vol.18  No.620 Wednesday Edition, June 20, 2018 Third news page
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Costa Rica gets a $500 million loan
to develop clean energy projects


By A.M. Costa Rica staff

President Carlos Alvarado and the minister of Finance, Rocío Aguilar, announced a law that will allow Costa Rica to receive $500 million from the Inter-American Development Bank for projects aimed at developing clean energy.

The contract, known as the Conditional Credit Line for Investment Projects, is one of the different lines of credit of the bank and aims to promote financial aid for Costa Rica to invest in the generation, transmission and distribution of clean energy.

The agreement will include individual loan contracts, which will be signed in the eight years following the publication of the law and with terms of execution of up to 25 years.

The loans will be divided into two amounts, $ 200 million and $ 300 million. The first amount will help finance the Pailas II and Borinquen I geothermal projects located in Liberia which have a capacity of 55 megawatts each.

It will also address an optimization system in Miravalles III, update of the national hydro-meteorological network, the reinforcement of transmission lines in the province of Guanacaste and the renewal of the distribution network in Costa Rica.

The second amount, $300 million, will be invested in the geothermal Borinquen III, the modernization of the Arenal hydroelectric plant and transmission and distribution works to strengthen the national electricity system.


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A.M. Costa Rica wire services photo      
The geothermal plant Pailas II will benefit from the loan.


During a speech, Alvarado emphasized the commitment that his administration has made to move forward with actions to achieve the de-carbonization of the economy and promote the use of alternative energy sources.

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