The European Investment Bank has agreed a new $70 million loan for expansion of the Las Pailas geothermal plant in Cost Rica. The "Reventazon" hydropower project in Costa Rica consists of a 310 MW power plant and dam, which is two-thirds complete. According to national energy company ICE, the Reventazon facility is the second largest current construction project in Central America after the Panama Canal.
Costa Rica has invested in renewable energy since the 1960's and recognises the importance of supporting sustainable energy production that doesn't threaten the country's rich natural heritage. Safeguards have been taken to minimise the environmental impact of the project and support education and social investment in local communities. According to ICE, the local area will benefit from a more sustainable economic future following completion of the project as 60% of the workforce has been recruited locally.