The Costa Rican government signed a loan contract for 240 million dollars with Japan for the construction of the new geothermal plant Borinquen I.
Borinquen I is planned to be built in Liberia, Guanacaste, and will be the third geothermal power plant in the country, along with Miravalles and Las Pailas
The loan contract was signed with the executive president of the Costa Rican Institute of Electricity Carlos Obregon, representatives of the International Cooperation Agency of Japan and the Ministry of Finance. President of Costa Rica was also present during the signing.
“We will never stop defending and consolidating our electric model, which is globally known because it promotes clean, diverse and ecological practices” – Obregon said.
These funds are part of a loan agreement with the Japanese government in 2013 to boost geothermal projects in Costa Rica. The Congress ratified this loan credit in 2014.
The total cost of the plant is $374 million. Costa Rica will also count on the aid of the Interamerican Bank of Development.
Borinque I plant will start operating in 2023. Right now, the terrain is under topological evaluation for further construction.
This video shows how a geothermal power plant works.