Costa Rica ventures into offshore wind energy studies with support from CABEI and the Republic of Korea
Through a US$600,000 non-reimbursable technical cooperation grant from the Korea-CABEI Single Donor Trust Fund (KTF), the Costa Rican Electricity Institute (ICE in Spanish) will receive support for the development of offshore wind farms in the near future.
San José, January 31 2022.- This cooperation, granted to the Costa Rican Electricity Institute (ICE in Spanish) and the Government of Costa Rica, will finance studies to identify the potential of offshore wind energy, the challenges, risks and opportunities in the development, installation, and operation of offshore wind farms in the near future.
The studies also include the design of a buoy monitoring system for data collection and the evaluation of the marine-coastal infrastructure for the development of offshore wind energy projects, including market analysis, technical engineering and design recommendations, and their respective financial analysis.
CABEI Executive President, Dr. Dante Mossi explained, "Costa Rica is one of our founding partners at the forefront of sustainable energy generation in the region, something that we at CABEI have supported over the years in the development of its projects. We are very excited that this Technical Cooperation will provide the necessary inputs for the development of an offshore wind farm, which would revitalize the national economy by increasing the diversification of the electrical grid, improving local and regional markets, and preparing the country for the increase in demand for the service, as foreseen by the authorities.”
ICE's Director of Planning and Sustainability, Kenneth Lobo, indicated: "With these resources, for 18 months, two teams of national and international experts will undertake the task of building the social, legal, environmental and infrastructure conditions required by the supply chain and governance of the future development of offshore wind energy in the country”.
"In the same way that we were pioneers in the consolidation of a renewable electricity matrix, low in greenhouse gas emissions and resilient to climate change, with this initiative we will lay the foundations for the measurement of the resource and we will begin the joint construction of the new blue energy map, of marine ecosystem services and of the new coastal development poles of Costa Rica”, he added.
Also, as part of this cooperation, support will be provided for the development of a preliminary environmental and social impact assessment (EIAS) that will contribute to the establishment of a comprehensive social awareness strategy, and for capacity building and transfer of technical knowledge to ICE personnel; in addition to the accompaniment of experts with the best practices, knowledge and lessons learned from the Republic of Korea in relation to offshore wind farms.
In addition, the development of the studies is expected to provide inputs for structuring the project's financing, whose funds will come from the first issue of a CABEI Blue Bond, which aims to contribute to sustainable investments related to the ocean and wind to support the advancement of the region's blue economy, which consists of fishing, marine energy, ports, river rehabilitation, among others.
The Technical Cooperation’s execution is expected to start during the second quarter of 2022 and to be completed within 18 months.