Instituto Costarricense de Electricidad lining up loans for Reventazón project

The national electric company has received pledges of financing for the completion of the Proyecto Hidroeléctrico Reventazón on the river of the same name.

The company, the Instituto Costarricense de Electricidad, said Wednesday that it has signed an agreement with the Banco Centroamericano de Integración Económica for a $225 million loan. The company also signed an agreement with Scotiabank to manage the money in a trust that would be created to finance the rest of the project.

In all the company is getting pledges for $930 million from a variety of sources, including local banks.

The hydro plant will generate up to 305.5 megawatts when completed.

The money from the Banco Centroamericano de Integración Económica will go to purchase turbines and generators for 292 megawatts, the company known as ICE said.

In all, the project represents an investment of $1.45 billion, also using loans from the Banco Interamericano de Desarrollo and the Banco Europeo de Inversiones as well as international investors.

The hydro project is supposed to be online in 2016.

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