Geothermal energy project receives approval in Costa Rica

New project wins the approval of country’s lawmakers and attracts the interest of investors

A new geothermal energy project has been approved in Costa Rica. The country’s Legislative Assembly approved the project late last week and this approval has opened the way for new funding to reach the project and be put to use. The Japanese International Cooperation Agency and the European Investment Bank are two potential investment sources for the project. The Japanese agency is expected to invest some $540 million into the project with the European Investment Bank providing $70 million.

Geothermal power continues to gain momentum throughout Cost Rica

Geothermal energy is gaining more attention in countries where geological activity is relatively common, such as Costa Rica. These countries have access to geothermal power that could be used to satisfy their energy needs, but much of this power remains untapped due to a variety of reasons, including politics and concerns regarding the environment. The project aims to solve this problem, to some extent, but giving Costa Rica access to its geothermal resources.

New energy project to have a maximum power capacity of 55 MW, will be supported by two auxiliary power plants

The project is expected to take root in Guanacaste. Currently, the geothermal energy system is expected to have a maximum power capacity of 55 megawatts and the energy system itself will cost approximately $333 million to construct. Two additional power plants will also be built close by, both of which will generate electrical power using geothermal resources. Together, these energy systems are expected to help Costa Rica reach its environmental goals by 2021.

Costa Rica continues its adoption of renewable energy in order to attain carbon neutrality

Costa Rica has plans to be completely carbon neutral by 2021. In an effort to achieve this goal, the country has begun focusing on various forms of renewable energy, showing some favor for solar power. Geothermal power has a great deal of potential in the country, and Costa Rica has already begun tapping into this energy source in order to become more environmentally friendly. An estimated 13% of Costa Rica’s energy came from geothermal sources in 2010.