Opposition to Chinese Hydroelectric Plant Builders

A statement from the Costa Rican Chamber of Construction reads:

CCC Proposes to Fund 25% of Reventazon Works with Local Resources

The Costa Rican Chamber of Construction (CCC) is opposed the fact that the construction of the Reventazón is on condition that the Instituto Costarricense de Electricidad (ICE) includes an Asian company in the project.

According to information published in newspapers, the CEO of the ICE, Teofilo de la Torre said the Chinese bank would provide financing for 25% of the total cost of the plant, i.e. about $300 million, stipulating as a requirement the involvement of a Chinese company in the work. Whereas 75% of the remaining funding, approximately $900 million will come from 12 banks from different countries.

Against this background, the president of the CCC, Ricardo Castro Castro said that "works can not be awarded arbitrarily, these processes must be clear and clean, respecting the entire contracting system and institutions of our country."
Castro said that "this is not a case of gift giving, because 75% of the work will be financed by 12 banks from different countries, and what is more, we have to pay 100% of the cost. This project should be via public tender or directly built by the ICE, with its own resources. "

More on this topic

Credit Condition for Reventazón Hydroelectric

September 2011

The $300 million loan from a bank in China contains the condition that the company Sinohydro be allowed to participate in the project in Costa Rica.

The funding of $300 million accounts for 25% of the total cost of the works, said Teofilo de la Torre, chief executive of the Instituto Costarricense de Electricidad (ICE).

Costa Rica: $15.6 Million in Infrastructure

September 2009

ICE assured investing in the influence area of hydro power project 'Reventazón'.

The Costa Rican Institute of Electricity (ICE) will spend in building roads, centers for medical attention and educational programs.

"'Reventazón' power plant, which will use energy of the water from the river of the same name, will be located close to Turrialba", reports Nacion.com. "It will have capacity for 118.5 million cubic meters".

ICE in Costa Rica after Partner for Hydro Power Plant

March 2011

ICE analyzes proposals from Electrobrás and Sinohydro for the Reventazón project.

Gravin Mayorga, manager of the Instituto Costarricense de Electricidad (ICE), said that participation of one or the other at the proposed $ 1.200 billion power plant will depend on the financial proposals offered.

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.