Capulin-San Pablo Hydro Power Plant

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In March 2008, Hidrotarcoles S.A. was awarded the contract to build and operate a 50-MW hydro power plant located at the Tarcoles River (2x25MW Francis turbine generating units, with an annual average power generation of 205GWh). A 20-year power purchase contract was signed with the state-owned electricity company ICE. After the contract expires, the power plant was set to be transferred to ICE's control. The contract was approved in July 2012. The EPC contract was signed with the Chinese company Hydrochina in September 2013. Operations were expected to commence in 2016. The investment was estimated at US$ 141 million. The state-owned bank Banco Nacional de Costa Rica granted a US$ 117 million to Hidrotarcoles S.A. to finance the project. The remaining costs were equity financed. Since the date the loan was granted was not available, the financial closure date was set as the date the EPC contract was signed.