CIF endorses USD 100m renewables integration plans by Costa Rica, Fiji

The governing board of the Climate Investment Funds (CIF) has decided to support energy integration investment plans for a total of USD 100 million (EUR 93.5m) by the governments of Costa Rica and Fiji.

Specifically, CIF’s Renewable Energy Integration (CIF REI) has endorsed Costa Rica’s USD-70-million plan and financed it with an initial allocation of USD 45 million. In turn, Fiji got USD 30.51 million as an initial allocation.

The plan concerning Costa Rica envisages the modernisation of the electrical grid so that it is able to provide greater flexibility for the growth of new renewable energy sources. At full implementation, Costa Rica expects to install 724,000 advanced metering system units to provide more than two-thirds of the country with smart meter coverage, install electric vehicle (EV) charging infrastructure to initially serve 185 buses, replace 5% of all existing fossil fuel-based industrial boilers with electric ones, and, at the same time, reduce carbon dioxide (CO2) emissions and service costs.

Fiji, on the other hand, intends to increase renewable energy generation capacity by 40 MW and provide an additional 91,104 MWh of renewable energy output per year by 2026. Its plan is also supported by the Asian Development Bank (ADB) and the World Bank’s International Finance Corporation (IFC).

The island wants to achieve 100% renewable energy generation by 2036.

(USD 1.0 = EUR 0.935)

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