Costa Rico and Japan enter into $550 million loan deal to finance geothermal plants

Representatives of the Costa Rican government and utility concerns are scheduled to meet today with their Japanese counterparts to ink a $550 million loan deal to finance the construction of three geothermal plants.
Costa Rico and Japan enter into $550 million loan deal to finance geothermal plants

According to published reports, Japan International Cooperation Agency (JICA) President Akihiko Tanaka will meet with Costa Rican President Luis Guillermo Solís to formally bless the agreement.

Also expected to be on hand are Costa Rican Finance Minister Helio Fallas, Foreign Minister Manuel González, Environment Minister Edgar Gutiérrez, Planning Minister Olga Sánchez and Costa Rican Electricy Institute Executive President Carlos Obregón.

The projects – Pailas II and Borinquen I and II – will be located in the northwestern province of Guanacaste near the Rincón de la Vieja Volcano National Park. Once completed, they are each expected to generate about 55 MW of geothermal electricity.

The Japanese loan will cover 75 percent of the project’s total costs, estimated at some $900 million. The remainder will be covered by Costa Rican Electricy Institute and a $70 million loan from the European Investment Bank.

The Japanese loan has a 40-year term with a 10-year grace period at 0.6 percent interest.

All three projects are expected to be fully operational by 2020.

For additional information:

Japan International Cooperation Agency

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