Fitch report: Costa Rica aims for 100% renewable energy by 2021

By Lisa Kerner

Charlotte, N.C., Jan. 20 – Grupo ICE is building the biggest hydro plant in Central America, PH Reventazon, and expects to finance its investments with a combination of debt; internal cash flow; build, operate and transfer transactions; project finance vehicles; and operating leases.

According to Fitch Ratings’ report, “Costa Rica Electricity Sector - Strong Relation to Government Strategy,” Costa Rica will require about $4 billion in new generation capacity and associated transmission infrastructure over the next five years, as generation capacity will increase by roughly 930 MW through 2018.

All new plants are expected to be hydro or winds plants, in line with the government’s aim to have a generation matrix entirely based on renewable resources by 2021.

The government expects independent power producers will build plants and sell the energy to Grupo ICE. There is nearly 400 MW to be assigned to independent power producers for generation of electricity from renewable resources, mainly from hydro and eolic plants, according to a Fitch news release.

The full report is available at www.fitchratings.com.

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