The Costa Rican Electricity Institute (ICE) and the Inter-American Development Bank (IDB) formalized a loan agreement for USD 200 million, intended to finance the Second Renewable Energy, Transmission and Electricity Distribution Program.
The funds will strengthen the National Electric System (SEN) through the development of renewable energy generation projects, as well as the expansion and modernization of transmission and distribution networks. The financing includes the modernization of the Ventanas-Garita Hydroelectric Plant, which has been in operation since 1987 and whose construction was also financed by the IDB. The upgrades will extend its lifespan by 30 years.
“This financing contributes to the sustainability and efficiency of the National Electric System (SEN), under competitive financial conditions aligned with our institutional strategy. We ensure investments that impact the quality of service and the well-being of Costa Ricans,” stated Marco Acuña , president of Grupo ICE.
For his part, Francisco Javier Urra , IDB representative in Costa Rica, highlighted that “the operation reaffirms the Inter-American Development Bank’s commitment to Costa Rica and to ICE over time, supporting projects that promote a more modern and sustainable electrical system, for the benefit of the entire population.”
The Program will also modernize the transmission infrastructure, in addition to replacing 40,000 conventional streetlights with LED technology in rural and semi-urban areas, which will help reduce energy consumption associated with public lighting by about 35%.