Costa Rica utility signs MOU with UAE’s Masdar to develop solar and storage

Following the recent entry into the region with the UAE-Caribbean Renewable Energy Fund, Abu Dhabi-based energy firm Masdar has formed a partnership with Costa Rica. Masdar and state-run utility Costa Rican Electricity Institute (ICE) have signed an MoU to share technical knowledge and project experience for renewable energy development. The agreement aims to promote collaboration in utility-scale and off-grid power generation, floating solar PV technology, smart cities technology, and battery storage. The two companies also hope to offer advisory services to other Latin American and Caribbean countries on energy diversification. 

Masdar hopes to expand its presence in Latin America and the Caribbean, having already announced at Abu Dhabi Sustainability Week 2018 collaborations with the Argentina Jujuy province and the Government of Colombia. The company is also supporting the UAE Ministry of Foreign Affairs and International Cooperation and the Abu Dhabi Fund for Development in the deployment of the US$50 million UAE-Caribbean Renewable Energy Fund, which will deploy projects in 16 countries over the next three years. This year, the Fund will complete battery storage and electric vehicle (EV) charging stations, in addition to solar PV installations, in the Bahamas, Barbados and St Vincent and the Grenadines.