Costa Rica, Masdar sign renewables MoU

Costa Rica's Electricity Institute (ICE) signed a memorandum of understanding (MOU) with Abu Dhabi Future Energy Company, better known as Masdar, outlining a plan to exchange technical knowledge and experience in renewable energy projects.

Under the MoU, the state company and Masdar will collaborate in floating photovoltaic (PV) and smart city technologies, power generation at utility-scale and off-grid, as well as battery storage, the Costa Rican Ministry of Foreign Affairs said on Monday.

This agreement has the potential to generate several promising opportunities for clean energy in the Middle East, Latin America and the Caribbean. These regions are experiencing a rapidly growing demand for domestic energy, thus having the need for a robust and commercially viable renewable energy sector, Masdar CEO Mohamed Jameel Al Ramahi pointed out.

Both companies also hope to offer advisory services to other Latin American and Caribbean countries with regards to energy diversification, the ministry noted.

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