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Toro 3 Hidro-electric Proyect promoted by ICE, BCR & Jasec

Toro 3 costa ricaToro 3 Hydro-electric Project promoted by ICE, BCR & Jasec

The Banco de Costa Rica (BCR), the Instituto Costarricense de Electricidad (ICE) and the Administrative Board of Cartago Electric Service (JASEC) signed a trust agreement to build the Toro 3 hydroelectric project, located in the river Toro Basin, part of the Sarapiqui River  in Venecia de San Carlos as was reported yesterday by these entities.

The project, which will cost about $ 160 million, will generate future power to about 65,000 households, on average.

A trust is a contract whereby a person called “settlor” transfers property in trust  to another person called “trustee” to administer it for a third named “beneficiary.”

“The Banco de Costa Rica, as trustee, and in coordination with ICE and JASEC must provide 100% of the resources of the cost of the work, through financial structuring, which will seek an appropriate balance between the placement of securities or loans to domestic or international financial institutions, ” the statement says.

When asked about the characteristics of those who can invest in this trust, the Banco de Costa Rica said, through the press department: “Because of the nature of the business, seek a financial structure that encourages participation and the democratization of the investment, without prejudice what would be the participation of international institutions. “

Author

PATRICIA LEITON FOR LA NACION, OCTOBER 30, 2010

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