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

Toro 3 Hidro-electric ProyectToro 3 Hydro-electric Project promoted by ICE, BCR, and 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, reported yesterday by these entities.

This agreement is to build the Toro 3 hydroelectric project. The project is located in the river Toro Basin, part of the Sarapiqui River in Venecia de San Carlos.

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

Renewable energy in Costa Rica supplied about 98.1% of the electrical energy output for the entire nation.

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, will seek an appropriate balance between the placement of securities or loans to domestic or international financial institutions. This will be done in coordination with ICE and JASEC. Therefore, they must provide 100% of the resources of the cost of the work, through financial structuring” the statement says.

Also, 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. “

The Author

Patricia Leiton for La Nacion, October 30, 2010

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