SIQUIRRES, Costa Rica 5/9/12 (PennWell) -- The Inter-American Development Bank has approved a loan worth US$670 million to finance Costa Rica's Reventazon hydroelectric project, according to documents provided by the bank.
IDB says funding will go to the "design, construction, operation and maintenance" of the 305.5-MW hydropower plant, including its transmission lines, substations and access roads.
The Reventazon hydropower facility is expected to cost $1.1 billion with a commissioning scheduled for 2016.
Project developer Instituto Costarricense de Electricidad (ICE) previously announced it has awarded contracts to Andritz Hydro Gmbh and Sistemas de Potencia de Centroamerica S.A. for equipment, and Cemex for cement work.
The Reventazon plant is part of IDB's increased investment in renewable energies.