ICE and BCR sign contract to modernize Tejona Wind Farm

On Thursday, September 5, the Costa Rican Institute of Electricity (ICE) and the Bank of Costa Rica (BCR) signed a financing contract for ?37.4 billion for the purpose of remodeling and expanding the Tejona Wind Farm, located in Tilarán, Guanacaste.

The modernization of the plant will increase its installed capacity to 42 megawatts, consolidating its role as one of the main sources of clean energy in the country.

The total investment for the modernization will amount to $77.5 million, an amount that will be supplemented with ICE’s own resources. The project includes the installation of 14 state-of-the-art wind turbines, which will allow the plant, in operation since 2002, to increase its efficiency and productive capacity.

The credit granted by the BCR will have a term of 20 years and will be amortized monthly in colones. This financing, according to ICE, was negotiated with a variable preferential interest rate indexed to the passive base rate, plus a spread of 2.20%.”

Keiner Arce, Finance Manager of ICE, highlighted that “the debt management that we have been carrying out allowed us to establish financing under the most favorable conditions for the Institution, which contributes to the sustainability of our finances. Tejona will have cutting-edge technology, and will provide clean energy to the entire country.”

For his part, Douglas Soto, General Manager of BCR, highlighted the importance of the agreement for the sustainability strategy of the banking entity. “We are committed to sustainability. Creating synergy with ICE, facilitating financing for the repowering of Tejona, is especially important for our business vision. Supporting the generation of clean energy and contributing to the country’s energy security are drivers to continue managing the business with ESG principles and hand in hand with our Sustainable Impulse business model,” said Soto.

ICE has currently begun the process of dismantling the old wind turbines, which will be replaced by the new equipment.

The Tejona plant is expected to be reintegrated into the National Electric System (SEN) during the second half of 2026, making an important contribution to the country’s energy matrix, where wind energy accounted for 12.24% of national production in 2023.