The Inter-American Development Bank (IDB) has granted the Costa Rican Electricity Institute (ICE) a $500 million line of credit to develop its power grid and increase electricity production.
ICE, a state company that controls most of the country’s electricity distribution, will be able to use the money to research new hydroelectric and geothermic power sources, as well as to upgrade its Río Macho hydroelectric power plant and carry out other maintenance, according to a statement from the bank.
The statement said ICE will also invest in a laboratory for testing equipment for efficiency.
According to the bank’s numbers, energy demand is increasing 5.4% annually, and in the next eight years Costa Rica will have to invest $8 billion to upgrade its infrastructure and keep up with demand.
