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 Nacion.com, 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: $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.

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.

ICE's Partnerships with Private Sector

February 2011

The Instituto Costarricense de Electricidad (ICE) has since late 2010 a set of rules which allow partnerships with private entities outside the general rules of government contracting.

Characterized by the vertical structure of its activities in the electricity market the Costa Rican Electricity Institute now has the flexibility to partner with private companies, allowing it to have a competitive advantages that could not be achieved individually in the short term."

Tender in Costa Rica for 140 MW of Energy

June 2012

The Costa Rican Institute of Electricity is inviting water and wind energy generating companies to participate in a tender, although it is not yet clear how it will be priced.

The ICE has announced a tender for the purchase of 140 MW of energy produced from renewable sources, for which $350 million has been allocated.

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