July 2nd, 2014 (InsideCostaRica.com) Members of the Legislative Assembly unanimously approved in first debate yesterday a series of loan agreements toward the development of geothermal energy in Guanacaste.
The $958 million USD project will be financed with a loan of $540 million from the Japanese International Cooperation Agency, along with a loan of $70 million from the European Investment Bank, according to reports. The Costa Rican Electricity Institute (ICE) will fund the remainder of the project, reports indicate.
The project consists of three geothermal generation stations: Pailas II, Borinquen I, and Borinquen II. The installations will be located between Bagaces and Cañas, near the Rincon de la Vieja volcano in Guanacaste.
Supporters of the project said the development would bring much-needed jobs to the province and further its development, along with lowering electricity prices over time.
The bill is now in the hands of the Constitutional Court for review, and is expected to be voted on in second reading in the coming days.