Costa Rica has obtained funding that will allow the Central American country to undertake a large study on offshore wind power.
The Central American Bank for Economic Integration (CABEI) and the Republic of Korea, through the Korea-CABEI Trust Fund (KTF), approved non-reimbursable “technical cooperation” of $600,000.
The financial package will be used to assess the environmental conditions on the northern Pacific coast of Costa Rica, as well as detail the necessary investments in marine and coastal infrastructure that enable the development of offshore wind energy in the country.
Cooperation was granted to the Costa Rican Institute of Electricity (ICE) and the Government of Costa Rica.
Studies will focus on the challenges, risks and opportunities associated with the development, installation and operation of wind farms.
Likewise, the studies include the design of buoy monitoring system for data collection and assessment of marine-coastal infrastructure for the development of offshore wind energy projects, which include market analysis, technical engineering recommendations and design.
CABEI Executive Chairman Dante Mossi said, “Costa Rica is one of our founding partners at the forefront of sustainable energy generation in the region, something we have supported over the years at CABEI to the development of your projects.
“We are very pleased that, through this technical cooperation, the necessary inputs are acquired for the development of an offshore wind farm, which would revitalize the national economy by increasing the diversification of the electricity network, improving local and regional markets and preparing the country for the increase in demand for the service as expected by the authorities”.
In addition, as part of the cooperation, support will be provided for the preparation of a preliminary environmental and social impact assessment (ESIA).
The execution of the technical cooperation is expected to start during the second quarter of 2022 and be completed within 18 months.