By financing four wind farms, PROPARCO is contributing to the development of the industry in Costa Rica. The country’s production is largely based on hydropower, which has a complementary seasonality to wind energy.
The Alisios project, which was initially owned by Globeleq Mesamerica Energy (GME), was taken over in late 2016 by the Guatemalan group Corporacion Multi Inversiones (CMI). This group, which has already acquired other GME assets, is a family-owned holding company which is firmly established in Central America in several sectors, including energy (mainly hydropower), agri-food, real estate, finance and telecoms.
It involves a wind project in Costa-Rica (4 x 20 MW), developed by GME, the leader in the sector in Central America. The borrower has signed, via its 4 subsidiaries, 4 PPAs with the public electricity company, ICE. The turbines installed will be supplied by Gamesa, one of the leaders in the sector. The sites have excellent wind conditions, validated by long-term measurements and the close proximity of other wind farms.
Proparco’s involvement in this project will support Costa Rica’s very strong ambition for renewable energy development. While the country already has a high hydropower, geothermal and wind energy capacity, the project is being implemented in a context of strong growth in demand. This requires continuing investments in this sector in order to reduce the use of local thermal production units, which are costly and have high GHG emissions. In addition, wind energy production has a complementary seasonality to hydropower, the predominant source of production in the country, which ensures there is a significant share of renewables in the electricity mix throughout the year.