The Instituto Costarricense de Electricidad is getting a $70 million loan from the European Investment Bank for the Las Pailas II geothermal generating plant. The loan is for 25 years with a variable interest rate starting at 4.03 percent, said the firm known as ICE.
The central government is guaranteeing the loan so legislative approval is needed.
This is the second loan for the project. Last week the Japanese Agency for International Cooperation agreed to loan $560 million for La Pailas II and two other projects. All are near the Rincón de la Vieja volcano in northern Costa Rica.