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Costa Rican Electricity Institute has partnered with Masdar to improve its portfolio of renewable energy resources.

The two parties signed a memorandum of understanding (MoU) to cooperate on smart energy and smart city technologies.

Masdar and the state owned utility will share technical knowledge and experience in development of clean energy, battery storage and smart cities projects.

The agreement will enable cooperation on floating solar PVs and on both utility-scale and off-grid power generation.

The two will offer consulting services to other Latin American and Caribbean countries on energy diversification.

Mohamed Jameel Al Ramahi, chief executive of Masdar, said: “Like the UAE, Costa Rica has been a pioneer of renewable energy. The obvious synergies between our two countries have the potential to yield a number of promising clean energy opportunities, here in the Middle East, Latin America and the Caribbean, regions experiencing rapidly growing domestic power demand and also the emergence of a robust, commercially viable renewable energy sector. We’re excited to pursue this partnership with our friends at ICE.”

For 300 days of 2017, Costa Rica met its energy demand using renewables. 80% of the energy was hydro electricity, 10% wind and the other 10% from biomass and solar power.

The agreement is part of efforts by Masdar to expand its footprint and agreements on clean energy between the UAE and other countries.

Masdar is part of a group contributing towards the development of the $50 million UAE-Caribbean Renewable Energy Fund.

The Fund will invest in smart energy projects in 16 countries over the next three years with battery storage,electric vehicle (EV) charging stations and solar PV installations set for completion in the Bahamas, Barbados, as well as St Vincent and the Grenadines, this year.

Project partners include the UAE Ministry of Foreign Affairs and International Cooperation and the Abu Dhabi Fund for Development.

Masdar also recently signed an MoU with the Korea Energy Agency for renewable energy collaboration and investment.