Central America watch: Costa Rica funds, Nicaragua hydro, Panama bond

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Monday, September 22, 2014

Costa Rica state power company ICE secured IDB non-reimbursable technical cooperation to learn management best practices from Colombian utility EPM, according to bank information.

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Nicaragua's national assembly approved reforms to a special law for development of 253MW flagship hydro project Tumarín.

Changes include the obligation of developer Centrales Hidroeléctricas de Nicaragua (CHN) to finance construction of a 50km road from San Pedro del Norte to the dam; reducing construction to 48 from 59 months; and extending CHN's generation license to 39 from 30 years, the assembly reported.

Work on the US$1.1bn undertaking is expected to begin in the first quarter 2015. Components include a 63m-high, 605m-wide dam to create a 41km2 reservoir.

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Panamanian company Hydro Caisán, controlled by Panama Power Holdings and created to develop 67.2MW hydro project El Alto, plans to issue a bond for US$90mn, according to a preliminary informative prospectus.

Earlier this year, public services regulator Asep extended to year-end the construction and operations deadline for the project.

BNamericas will host its 11th Southern Cone Energy Summit in Lima, Peru, on November 12-13. Click here to download the agenda.