Costa Rica’s Central Bank and the Costa Rican Electricity Institute (ICE) signed a contract on Tuesday to establish a $160 million trust fund for the construction of a 46,000 kilowatt hydroelectric plant on the Rio Toro in the canton of San Carlos, in north-central Costa Rica.
Under the agreement, the Central Bank, as the trustee, will assure 100 percent of the funds for the project, and the Costa Rican electricity Institute (ICE) and the Cartago Municipal Electric Service (JASEC) will pay the bank a monthly rent for the plant.
At the end of 12 years, the plant will become the property of ICE and JASEC.
Construction of the plant has not begin, but ICE foresees that the project will be complete and in operation by the first quarter of 2013. The plant is expected to supply approximately 65,000 homes with electricity.