Costa Rica News – Oh boy another loan put in the hands of the incompetent Costa Rican government. When will these countries learn that the only way these monies will be wasted and pocketed by Costa Rican government officials. The Government of Costa Rica signed today for a loan for $ 560 million awarded by Japan to develop geothermal energy projects that generate more than 55 megawatts of electricity.
“We are confident that Members have very clear awareness of the importance of using this funding. We’re talking about an investment in renewable energy around which there is a favorable unanimous position throughout the Costa Rican population,” she said.
The loan will be guaranteed by the Government of Costa Rica. It is 40-year term and has a fixed interest rate of 0.60%.
The projects to be financed are Pailas II, Borinquen I y Borinquen II which are located in the foothills of the Rincon de la Vieja volcano in the northwestern province of Guanacaste and are being run by the state-owned Instituto Costarricense de Electricidad.
Quick question….who in their right mind thinks that ICE is going to be able to actually make these projects functional?
The only way this will happen is it Japan comes over and builds these projects themselves, just like China had to do with the National Stadium.
For their part, the Japanese Ambassador to Costa Rica, Mamoru Shinohara, said these projects “match cooperation policies of the Government of Japan and the International Cooperation Agency (JICA).”
“I am very confident that the project will contribute not only to climate change mitigation, but also for stable power output at a lower cost,” he said.
At present, the installed power generation capacity of Costa Rica is about 2,700 MW (megawatts), about 90% from renewable sources, mostly hydropower.
Get ready for another example of the incompetence of Costa Rican run government entities.