Building Economic Resilience With Renewable Energy
Costa Rica is green, eco-friendly country. Historically the country’s energy has been largely produced by hydropower. With increased development and economic growth, Costa Ricans are using more energy—and facing nearly 30 percent annual increases in cost.
GoSolar, a Costa Rican company owned by a U.S. citizen, wanted bring small-scale solar power facilities to Costa Rica. IESC provided long-term, tailored assistance to GoSolar to facilitate a $6.5 million loan from the Overseas Private Investment Corporation, or OPIC.
With this capital, GoSolar became the first company in Costa Rica to offer leasing to make solar technology more available and affordable. This will contribute significantly to the rapid growth of solar power in the country.
Since IESC facilitated the OPIC loan, GoSolar signed the largest solar deal in Costa Rica for a U.S. multinational to build the first micro-grid solar energy solution.
OPIC is a self-sustaining U.S. Government agency that helps American businesses invest in emerging markets. Established in 1971, OPIC provides businesses with the tools to manage the risks associated with foreign direct investment, fosters economic development in emerging market countries, and advances U.S. foreign policy and national security priorities.
IESC has been an OPIC loan originator since 2007.