New Renewable Energy Projects in Costa Rica

As part of Costa Rica’s goal to have 95% of its electricity provided by renewable resources they have accepted a $560 million loan to build three geothermal power plants in northwestern providence of Guanacaste. President Laura Chinchilla, during a signing ceremony this week, announced the loan from Japanese International Cooperation Agency (JICA) at a 0.6 percent interest rate, paid back over 40 years.

Rincon de la Vieja (Courtesy of The Tico Times)

By harnessing the power of the Rincón de la Vieja Volcano geothermal power plants capture steam produced by heat from the volcano to turn turbines that then generate electricity. All of the plants will be located outside of the national park. According to a statement from Casa Presidencial, the first of the proposed plants, Pailas II, will have an electrical generation capacity of 55 megawatts and will cost more than $333 million to build. All three facilities will generate a total of 165 megawatts of reliable renewable electricity, with the lowest cost at 5 cents per kilowatt-hour, indicated ICE Executive President Teofilo de la Torre. The Legislative Assembly will review the project during upcoming extraordinary sessions.

Costa Rica is continuing to expand it’s global partnering and is also welcoming to those who are looking to do business in the country. If you are looking for a foreign investment, this is one of the most stable and foreign friendly countries on the market. Cielo Vista is an amazing investment opportunity for those with the vision to get in on the ground floor. Currently we are offering a limited opportunity to invest in our next phase of infrastructure. Please contact our parters to learn more.