Costa Rica Eligible for IRENA Funding for Renewable Energy Projects

In a significant development for Latin America’s clean energy landscape, the International Renewable Energy Agency (IRENA) has announced a call for renewable energy project proposals, with Costa Rica named as one of the eligible nations. This initiative presents a pivotal opportunity for public and private sector developers in the country to secure funding and support to advance the nation’s already impressive renewable energy credentials.

The call for projects is designed to mobilize investment, strengthen policy frameworks, and ultimately expand clean energy capacity across the region. For a country like Costa Rica, which has long been a leader in renewable electricity generation, this funding can help accelerate the next phase of its energy transition, particularly in decarbonizing challenging sectors.

Access to Key Investment Platforms for Costa Rica renewable energy

Selected projects from Costa Rica and other eligible Latin American countries will gain access to IRENA’s specialized financing platforms. These platforms are structured to support projects at different stages of development:

• Climate Investment Platform (CIP): This platform is geared towards projects that are past the initial concept phase and have completed pre-feasibility or preliminary studies. The CIP offers a mix of financing, investment partnerships, and de-risking tools essential for moving projects toward bankability.
• Energy Transition Accelerator Financing (ETAF) Platform: For more mature projects, the ETAF platform provides support. This is targeted at medium-to-large-scale initiatives that have already completed full feasibility studies and are ready for financing.

Eligibility and Application Details

The initiative is open to a wide range of developers, including both public and private entities. The primary goal is to identify and support projects that are not only commercially viable but also align with national climate priorities and the United Nations Sustainable Development Goals.

According to the information released by IRENA, project proposals submitted by March 1, 2026, will receive priority consideration. This deadline encourages developers in Costa Rica to prepare and submit their innovative renewable energy plans promptly.

Alongside Costa Rica, other eligible countries in the region include Argentina, Belize, Bolivia, Brazil, Chile, Colombia, Cuba, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, Suriname, Uruguay, and Venezuela.

A Boost for Costa Rica renewable energy’s Decarbonization Goals

This funding opportunity arrives at a crucial time. While Costa Rica has achieved remarkable success in decarbonizing its electricity grid, primarily through hydropower, geothermal, and wind, significant challenges remain in areas like transportation and industrial heat. The support from IRENA’s platforms could be instrumental in financing innovative solutions such as green hydrogen production, advanced biofuels, or large-scale energy storage projects.

By leveraging this international support, Costa Rican developers can help secure the country’s energy independence, reduce emissions further, and reinforce its position as a global leader in sustainability and clean energy innovation. This call to action from IRENA is more than just a funding announcement; it’s a partnership opportunity to build a more resilient and sustainable energy future for the entire region.