Torito Hydro Power Plant

active

In March 2008, the Spanish company Natural Gas Fenosa was awarded the contract to build, operate and transfer the Torito Hydro Power Project located at the Cartago Province (50 MW in capacity). The sponsors signed a 20-year power purchase agreement with Instituto Costarricense de Electricidad (Costa Rica National grid authority). After this period, the sponsors committed to transfer back the project to the government. The sponsors created the special purpose company Unión Fenosa Generadora Torito S.A. to manage the project. Construction works commenced in April 2013 and were expected to be completed by 2014. Investment was estimated at US$ 135 million. Financial closure was achieved in June 2013, when local investors agreed to undertake a 35% stake in the project, while Fenosa guaranteed the remaining 65%. The sponsors applied for carbon credits in November 2012.