Japanese to fund Costa Rican geothermal development

The government of Japan has agreed to loan $560m to Costa Rica to finance the greater exploitation of this Central American country’s geothermal energy resources.

$333m of the total has been earmarked for the Las Pailas II geothermal plant, to be developed with co-financing from the European Investment Bank. According to Spanish news agency Efe, this project will have an installed capacity of 55 MW.

Borinquen I and II geothermal projects will also benefit from the Japanese loan, reported BNamercias.

The loan is repayable within 40 years, including a ten-year grace period.

The three projects, Las Pailas II, Borinquen I and Borinquen II, are all located on the side of the Rincon de la Vieja volcano.

Costa Rica currently has a total installed capacity of 2700 MW, with 90 per cent obtained from renewable energies ” primarily hydroelectric power.

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