December 23rd, 2013 (InsideCostaRica.com) The Instituto Costarricense de Electricidad (ICE) on Thursday signed a deal in Washington for two loans totaling $1.4 billion USD for the Reventazón Hydroelectric Project, located in the middle of the Reventazón River near Siquirres, Limón.
The funding is being managed by a multilateral agreement with the Inter-American Development Bank (IDB) and the International Finance Corporation of the World Bank.
ICE agreed to place bonds both with international investors as well as national banks.
When launched, the hydroelectric plant will be the largest in the country, with a capacity of 305.5 megawatts, which will supply 525,000 homes.
Teofilo de la Torre, chief executive of ICE, said the funding should ensure that the project is completed by the end of 2016.
“[The project] will help meet the country’s electricity demand based on renewable resources and careful harmony with the environment,” De la Torre said.