Partners for Large Hydroelectricity Project

The Instituto Costarricense de Electricidad’s high levels of debt has forced it to look for a partner in order to finance its large hydroelectric project of 650MW, El Diquís.

Friday, June 29, 2012

After reviewing the financial report of the Instituto Costarricense de Electricidad (ICE), which reveals very high debt levels, the government of Costa Rica has recommended that the authorities of the energy body look for allies, partners or other investors, for financing their projects, among which is the high volume, large hydroelectric construction project El Diquís in the southern region.

An article in, reports that "With this provision [the government] is aiming to curb ICE’s debts, which amounted to ¢1.8 billion in 2011. This category grew by 184% between 2007 and last year, whereas its equity rose by only 26% in that period. "

The planned investment for the hydroelectric mega-power plant El Diquís is $2.1 billion.

With the $1.2 billion, 350 MW hydroelectric station Reventazón, ICE searched for potential partners between public enterprises in China and Brazil to participate in the project, without reaching any agreements. Due to the urgency of Reventazón coming into operation in 2016, the ICE is going ahead with construction using its own equity and debt.

More on this topic

Costa Rica: Another 73 MW of Energy from Hydropower

March 2016

The state run electricity company reported that the first turbine in the Reventazón Hydroelectric Project of 73 MW went into operation in 2016 and that it will launch the other 4 generators.

The long-awaited entry into service of the Reventazon hydroelectric plant promises to bring some relief to electricity rates which in recent years have been a factor of concern in the manufacturing sector in Costa Rica, as well as putting the country back on the path chosen decades ago towards a clean energy matrix.

Costa Rica: $32 million in State Company "Mistakes"

January 2016

The lack of high-level strategic coordination in the affairs of the state run power company has led to a multi million dollar law suit whose costs will be paid for by all Costa Ricans.

An article in reports that in March 2015 the Inter-American Development Bank (IDB) informed the Costa Rican Electricity Institute (ICE) that a multi million dollar loan for the construction of a large hydroelectric power station on the river Reventazón, was conditional on the water of the River Parismina not being used, in the same basin or above it, by other hydroelectric plants. Three months later, on June 4, the ICE pledged to buy energy from the Desarrollo Hidroeléctrico de Parismina S.A. (DHPSA), electricity that would be generated by a 20 MW hydroelectric plant to be built on the eponymous river. And just four days later, on June 11, the state power formalized with the IDB its commitment to not allow power stations on the Parismina river.

Hydroelectric Projects Promoted in Costa Rica

August 2011

The ICE has presented to Panamanian investors plans to build a dam on the river Reventazón and on the Diquis .

The two hydro projects, which together make an investment total of $3000 million were promoted by the Instituto Costarricense de Electricidad (ICE) at the IX Investor Forum in Panama.

Costa Rica: $19 million for Hydroelectric Station

August 2015

After renting it for 12 years, the Costa Rican state power company, ICE, has paid $19 million to acquire the Peñas Blancas hydroelectric plant, 36 MW.

The Costa Rican Electricity Institute (ICE) exercised the purchase option which was its right from the start beginning, through the figure of trust, for the construction and operation of the Penas Blancas plant, in 2000.

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AES Changuinola

In late 2005, AES began developing the Changuinola hydro power project and currently the project is in the phase of building the roadways to access that facility. The formal cornerstone laying ceremony took place on October 25, 2007. The project's total completion represents an investment of approximately $563 million and the estimated date for the Changuinola hydro power plant to go into commercial operation is the first quarter of 2011. Through this new facility, AES contributes to the country's development and helps face the growing demand of energy in Panama, which requires an additional 50 MW each year. The construction of the new Changuinola I Hydro Power Plant: * is an asset to Panama * will generate clean and 100% Panamanian energy * will create opportunities for previously excluded populations * will contribute to solve the country's energy situation * will help Panama to continue growing The construction and operation of the hydro power plant will be under the responsibility of AES, a multinational energy corporation with world-class standards and an active presence in Panama.
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