ICE awards power generation equipment contract for Borinquen geothermal project, Costa Rica
The site of the Borinquen I geothermal power project in Liberia, Costa Rica (source: Grupo ICE)
Carlo Cariaga
13 Jun 2026
Grupo ICE has awarded the contract for the supply of power generation equipment for the 55-MW Borinquen I geothermal power project in Costa Rica.
The Costa Rican Electricity Institute (Instituto Costarricense de Electricidad / ICE) has announced that it has now awarded the contract for the design, supply supervision, testing, and commissioning of the electromechanical generation equipment for the 55-MW Borinquen I geothermal power project in Costa Rica.
The contract is expected to be signed by the second half of 2026 and construction work is projected to start by July 2027. The scope of the contract includes the generating unit, the cooling tower, and all association systems and equipment. Completion of the project is expected by 2030. The company did not disclose any other details about the contract, including the equipment supplier that was selected.
A $240 million loan from Japan had been approved for the Borinquen I geothermal power project back in 2018, but the project had been stalled multiple times since then. A decision made by Grupo ICE later in 2018 indicated that the country’s installed power capacity at the time will enough to meet their demand for the next decade, effectively suspending the work for the Borinquen project. According to Marco Acuña, President of Grupo ICE, the project was revived by the 2022-2026 government administration to help meet Costa Rica’s future energy needs.
An update provided by Grupo ICE in 2023 indicated that drilling of seven production wells and five reinjection wells had been completed, as was the construction of access roads and a working water storage lagoon. The most recent update, given on June 2026, states that construction progress now “exceeds 55%” although no further details were provided.
The Borinquen Geothermal Project is located in Liberia in the province of Guanacaste, and is on the western section of the Rincón de la Vieja volcanic massif. Borinquen I has a planned capacity of 55 MW, while a second 55-MW Unit 2 is also planned for development. Grupo ICE also operates the Miravalles and Pailas geothermal power plants. Geothermal currently contributes about 15% of the energy supply in Costa Rica with the first geothermal power generation dating back to 1994.
Source: Grupo ICE
