Masdar pens clean energy Costa Rica deal
Masdar will work with Costa Rica's ICE, which helped the Central American country ran on renewable energy for 300 days.
Masdar has signed a deal with the Costa Rican Electricity Institute (ICE) to develop floating solar panels and off-grid power generation.
The memorandum of understanding (MoU) deepens Abu Dhabi’s development work in the Caribbean and Central America, with 16 Abu Dhabi-backed renewable energy projects already in the pipeline.
Costa Rica achieved close to 100% renewable energy generation last year, according to ICE.
The Masdar-ICE MoU will open the door to greater collaboration on utility-scale and off-grid power generation, floating solar panels, smart city technology, and battery storage systems.
Chief executive officer of Masdar, Mohamed Jameel Al Ramahi, and ICE director, Eugenia Gutierrez, signed the MoU.
The Abu Dhabi Fund for Development has already committed $50m ($183m) to develop 16 renewable energy projects over the next three years in the Caribbean.
Battery storage and electric vehicle charging stations, and solar panel installation will be rolled out in the Bahamas, Barbados, and St Vincent and the Grenadines.
Al Ramahi called Costa Rica a “pioneer of renewable energy”, adding that the MoU will accelerate development of “promising clean energy opportunities” in the Caribbean, Middle East, and South America.
ICE’s Gutierrez added: “Costa Rica, with its decades of expertise, technology and know-how — which has achieved close to 100 per cent renewable energy generation — looks forward to partnering with Masdar for a mutually successful engagement, and to help third parties in their quest to change their energy matrix."
Costa Rica ran entirely on renewable energy for 300 days in 2017, according to ICE. At least 80% of this power came from hydroelectric sources, 10% from wind, and the rest from biomass and solar power.