European Investment Bank Discusses Clean Energy Projects in Costa Rica

Geothermal Electricity is Expected to Increase in Costa Rica The Costa Rica News (TCRN) – Representatives of the European Investment Bank (EIB) met today in San Jose with state officials of Instituto Costarricense de Electricidad (ICE) to review the progress of works and multilateral joint funding for more than $1.5 billion dollars, sources officers.

The EIB President Werner Hoyer, and Vice President, Magdalena Álvarez, met on Thursday with the head of ICE, Teofilo de la Torre, and reviewed the progress of the hydroelectric project Reventazón and Pailas II, a geothermal plant, explained the Instituto Costarricense in a statement.

Hoyer said in the statement that the EIB is “proud” to support projects in Costa Rica, a country which he described as “a leader in technology with the successful development of clean energy.”

“I think these projects are going to be a great contribution to Costa Rica to reach the goal of carbon neutrality by 2021.  It’s admirable that you the Costa Rican people are part of this enormous effort,” Hoyer said.

The representatives of the EIB flew into Costa Rica on Wednesday to visit and the same day took the opportunity to personally meet the Reventazón hydroelectric plant, located in Limón, Limón (Caribbean), which will have a generating capacity of 305.5 megawatts.

The project, expected to be operational in 2016, represents an investment of $1.450 billion dollars, which involves the EIB, the ICE, the Inter-American Development Bank, Central American Bank for Economic Integration, the International Finance Corporation, the World Bank, local banks and institutional investors.

Another project supported by the EIB in Costa Rica, with a credit of $70 million, is the geothermal plant Pailas II, located in the northwestern province of Guanacaste, on the slopes of the volcano Rincon de la Vieja.

The Costa Rica News (TCRN)

San Jose Costa Rica

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