Costa Rica to receive $500m loan for Borinquen geothermal project

In mid-May the Legislative Assembly of Costa Rica approved a piece of legislation authorizing an agreement of a line of credit for $ 500 million to the Costa Rican Electricity Institute (ICE) from the Inter-American Development Bank (IDB) ).

The line of credit provides ICE with money to finance geothermal energy programs. It also includes resources to improve the transmission and distribution network, which will positively impact various rural areas of the country. The negotiations for this instrument, known as the CCLIP (Conditional Credit Line for Investment Projects), began in 2013, and will be aimed at the development, modernization and expansion of infrastructure linked to renewable electricity generation projects, including the Borinquen Geothermal Field, as well as transmission networks and national distribution.

“This is a sample of the excellent reputation that Costa Rica has before the international financial organizations. The funds will be vital for the decarbonisation of our economy. I congratulate the deputies for ratifying the credit line and I thank the IDB for the confidence shown through of the years with the Institute, “said Irene Cañas, executive president of ICE.

Source ThinkGeoEnergy