Acronyms and missions
“With the mission to improve the life quality of Central America´s citizens by promoting a balanced economic and social development, regional integration and the sustainability of its resources,” the CBEI, the Central American Bank for Economic Integration has already been giving for 55 years financial support Costa Rica.
Now the banc is in charge of the ARECA project, Accelerating Renewable Energy Investment in Central America and Panama. This project is an initiative sponsored by the GEF, the Global Environment Facility, the UNDP, the United Nations Development Program and the CBIE and is supported by the Ministry of Foreign Affairs of Finland.
ARECA aims to boost renewable distributed generation projects under 10 megawatts and offers partial financing guarantees to local banks that give credit to renewable energy projects.
The CBEI says that these operations “achieve that financial institutions stimulate development of the renewable energy sector. Thanks to our support to commercial banks to finance the implementation of renewable energy, the number of projects increases. In case of non-payment by the owner of a renewable energy installation, we assume the debt with the bank. But so far there have been no cases. They are all doing well, of course they only are admitted after approval by our Credit Committee.
ARECA / CBEI promote solar development of Central America; partial credit guarantees are granted as described above as well as technical assistance for solar, water and biomass projects.
With these investments in renewable energy for approximately US $ 113 190 957, yes, more than $ 100 million, 41,071 MW are expected to be generated in a clean way. Good for keeping 131.234 tons of CO2 / year out of the atmosphere!
For now though there will be no more ARECA dollars for Costa Rica. “Because of the lack of regulation it is impossible for the CBEI to continue providing guarantees for renewable energy projects in the country. The sheer absence of any rule prevents us from doing our job.”
Purasol had the honor to do an installation supported by this great ARECA program. San Isidro´ s convenience store Flipper´s project was approved when there was still a clear regulation regarding the ‘distributed generation’ and is very grateful that its green investment is supported by interamerican funds.