Costa Rica granted Korea-CABEI funds for offshore wind energy studies

The Central American Bank for Economic Integration (CABEI) and the Republic of Korea have agreed to provide a USD-600.000 (EUR 532,800) non-reimbursable technical cooperation grant to Costa Rica to finance offshore wind energy studies off its shores.

The funds, approved by the Korea-CABEI Single Donor Trust Fund (KTF), will be used by Costa Rican government-run power company ICE to conduct studies to identify Costa Rica’s offshore wind power potential, challenges, risks and opportunities for wind farm development, installation and operation.

The studies will focus on evaluating environmental condition off Costa Rica’s north Pacific coast and include the design of the buoy monitoring system, the assessment of the marine-coastal infrastructure for project development, market and other analyses, ICE said.

Support will also be provided for the development of a preliminary environmental and social impact assessment, capacity building and transfer of technical knowledge to ICE’s staff, and for the exchange of best practices and lessons from Korea’s offshore wind initiatives.

The studies are expected to provide inputs for structuring the financing of projects, which will be funded from the first issue of CABEI’s Blue Bond, ICE added.

The technical cooperation is due to start in the second quarter of 2022 and last for 18 months.

(USD 1.0 = EUR 0.888)

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