Costa Rica is looking to become one of the first nations whose power supply is based entirely on clean and renewable sources of energy like this hydroelectric dam in Pirrís, in Los Santos region.
The Inter-American Development Bank (IDB), which approved $670 million in loans to finance the Reventazón Hydroelectric Dam in June, will now add another $200 million in guaranteed financing to help support Central America’s largest renewable energy project.
More than 90 percent of Costa Rica’s electricity is currently generated from renewable resources.
The Costa Rican Electricity Institute (ICE) and the International Finance Corporation, a private arm of the World Bank, will sponsor the project, which includes the construction of a dam 130 meters tall that will divert water from the Reventazón River near the Caribbean slope town of Siquirres.
When finished, the dam will generate an average of 1,407 gigawatt hours of electricity per year – approximately 10 percent of Costa Rica’s total capacity for electricity generation and enough to power more than half a million homes.
“The successful implementation of the environmental and social elements in this project will provide an important model for hydroelectric projects in Latin America.”
The $200 million approved last week was financed completely by the IDB. Future loans will continue to use this same structure to allow for wider lending options. The trustee will retain limited responsibilities and simultaneously will play the role of borrower, again providing for more flexibility in future lending opportunities.
The International Finance Corporation, together with the IDB and local banks including Banco Popular, Banco Nacional and Banco de Costa Rica, will lend directly to this newly created trust.
Posted By Costa Developers
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