A large chunk of change is coming the way of the Instituto Costarricense de Electricidad to invest in geothermic energy. President Luis Guillermo Solís signed the deal with the Japan International Cooperation Agency that provides a loan of $550 million to the state electric institute.
The loan will go towards financing three large geothermic projects in the foothills of Rincón de la Vieja. It’s estimated that these three plants will provide the country with an amount equivalent to what is produced at the geothermic production facilities in Miravalles I and Miravalles II, which combine to make 4 percent of Costa Rica’s total energy.
According to a statement from Casa Presidencial, the loan must be paid off in a 40-year period at an interest rate of 0.6 percent. President Solís said he was excited about signing the deal and said the credit is favorable for Costa Rica.
“This loan coincides with our objective to commit to generating clean and sustainable energy and to transform the energy model of Costa Rica,” Solís said.