September 1, 2014
The capital markets are an increasingly important part of the infrastructure financing mix in these days of low interest rates and increased constraints on banks’ ability to deploy long-term capital. But to see a Costa Rican entity close a 20-year project bond was particularly impressive.
Electricity utility Instituto Costarricense de Electricidad (ICE) agreed financing in March 2011 with the Inter-American Development Bank (IDB) for a 305.5-megawatt hydroelectric plant, in the lower basin of the Reventazón River. It is Central America’s largest renewable energy project.
The financing package included a $100 million loan from the World Bank’s IFC, and an equivalent of $470 million in local
A Costa Rican electricity plant gets 20-year funding, bringing in international institutional investors