Banco Nacional financing Costa Rican windfarm at better interest rate

Durrant Pate/Contributor

Caribbean energy renewable company, MPC Caribbean Clean Energy Fund is reporting that its associate company in Costa Rica has completed loan refinancing for its Tilawind in the South American country.

The loan refinancing for MPC’s associated company, TilaWind Corporatión S. A., which owns and operates the 21 MW Tilawind wind farm in Costa Rica, was finalised on January 5, 2023 with Banco Nacional.

The new loan agreement features a lower interest rate and reserve balance as well as preferable repayment conditions, which would put the company on a more secured financial footing having endured estimated losses in the single-digit region from its operations. These losses came as a result of a regulatory decision to reduce the tariff on energy produced.

EXCELLENT LOCATION FOR WIND FARM

The Costa Rican government-run electricity and telecommunications services provider, Instituto Costarricense de Electricidad (Grupo ICE) effected the tariff reduction. Tilawind is a 100 per cent subsidiary of CCEF ANSA Renewable Energies Holdings Limited in which the MPC Caribbean Clean Energy Fund holds a 50 per cent shareholding.

With a wind turbine capacity factor of 45 per cent, Tilawind is seen as an excellent location for the wind farm, which has been operational since 2015 and has the potential to expand its capacity to 40 MW in the future.

MPC Caribbean Clean Energy is a Caribbean-based investment company, which invests in renewable energy projects in Jamaica, Trinidad and Tobago and the wider Caribbean region.