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In Washington, ICE gets $1.4 billion in loans for hydroelectric project

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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.

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  • morlaine

    I’ll bet that will raise our electric rates, yet again. I’m already paying almost three times the rate per kilowatt hour than what I was paying in the US and what my friends there currently pay. And there’s a rate hike coming in January. I’d love to know where all this money REALLY goes.

    • SaseboSam

      didn’t you know they have hundreds of no show jobs…

    • turbooperator

      “A report released Wednesday by the Public Services Regulatory Authority (ARESEP) indicates that electricity rates next year will decrease by an average of 5.32 percent in most of Costa Rica.” TicoTimes

      • morlaine

        I doubt this decrease will apply to ICE customers. ICE has to raise the rates to pay for replacing the street light bulb in front of my house. I’ve only been waiting six months. I filed a repair request and every time I call they say it will be fixed “next” week. And my rates are 27 cents per kilowatt. I pay higher bills here than in AZ where I had electric heat, A/C, and a large pool. I don’t have any of that stuff here. And here I cook with propane and have a propane hot water heater. Go figure.

        • turbooperator

          I’ve had good service from ICE in Cóbano. They fixed a bad street light in two days and when the pole transformer tripped they were out in two hours. Maybe not too busy out here. Though I do agree that for 85% hydro gen and the low labor cost that electricity is way too expensive here. Sometimes I think our meters just run fast also.

  • Yeims

    Ticos and their constant quest for borrowed money! And the nice thing for ICE is that they won’t have to repay the loan because they believe that’s what the customers are for.

  • turbooperator

    For comparison purposes,
    my Nov Electric bills:
    ICE= 16.22 cents/kwh
    DTE= 16.19 cents/kwh

    • Kirk

      My rate in the U.S. is 11.6 cents/Kwh

      • turbooperator

        That ICE rate was below 200kwh, when I go above 300 it’s 26.70 cents/kwh. no a/c,only gas cooking

        • mhogan

          And how much of that do you suspect is to subsidize “green” energy? Germany realized already that their economy can no longer support “green”; Chinchilla is committed because there is nothing else to offer about CR except “we’re sustainable”. Newsflash!! green is not sustainable for an economy … unless you’re going to borrow to fill in the big gaps.

  • Karen Mata

    A few points I’d like to make.

    There are most likely several hundred thousand Ticos living in the US. Many are also most likely receiving federal benefits, legals and illegals both.

    CR is collecting 800$ annually with their unique new expat tax. (They’re working on their next scheme to soak US expats to fund their broken social democracy while you read this)

    CR needs 1.4 billion in funding and the US agrees.(To get an idea if we’ll ever be repaid, check to see who paid off billions in CR’s bonds in the 1980s)

    And after traveling the world the past 40 years, my question is why doesn’t the US take care of its own first like all other countries do and demand an end to this abuse prior to handing out billions?

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