New Hydroelectric Dam Approved

Montes de Oro, Puntarenas, will be home to a new hydroelectric dam now that a contract between an Italian company and the National Power and Light Company (CNFL) has been approved by the Comptroller General of the Republic, the daily La Nación reported.

The project will generate 8.4 megawatts of power daily, taking advantage of the AranjuezRiver.

The Italian company Ghella S.p.A, which has built highways and dams in Europe and Latin America, will have 550 days to complete the project. To finance the $27.2 million dam, CNFL will borrow $26.5 million from a German bank, according to the daily. The remaining funds will come from CNFL.