ecoligo kicks off Latin America operations with Costa Rica solar-as-a-service project
ecoligo has launched a solar project in Costa Rica to its crowdinvestors, marking the beginning of the German solar company’s operations in Latin America. The 54 kWp project will power Swiss Travel Costa Rica, a travel agency based in the north-west of the country. Crowdinvestors can earn 5.50% interest p.a. over 5 years with investments from 100 EUR, which includes a 0.50% Early Bird Bonus for those who invest before 10thof April.
The project is a part of a two-phase initiative that will power the travel agency’s offices in Liberia, the capital city of the Guanacaste region. ecoligo will be the project owner and operator and local solar company Ra Newables will act as the technical partner, taking care of installation and ongoing technical maintenance of the solar power system. ecoligo and Ra Newables have entered a partnership that will realise a cluster of secured renewable energy projects, with a focus on businesses active in Costa Rica’s burgeoning tourism industry.
“Following the success of our solution in sub-Saharan Africa, we are excited to begin operations in a new market. In addition to suitable market conditions, a high customer understanding of the benefits of solar energy and the local knowledge of our partner Ra Newables have contributed to easing our market entry.”Martin Baart, CEO of ecoligo
Costa Rica boasts one of the world’s highest percentages of renewable sources in their energy mix, and an emphasis on sustainability is prevalent in the country. However, solar energy accounts for only 0.09% of generation, while 73.5% of the renewable energy generated comes from hydroelectric systems, a vast majority of which are large hydroelectric plants. The sustainability of these plants is often debated due to the impact of dams on local ecosystems, as flooding large areas to create reservoirs alters natural habitats and downstream water quality is impacted. Additionally, rising demand has contributed to energy prices jumping by 20% in the last 10 years. Consequently, both cost savings and sustainability concerns are driving demand for solar power for self-consumption.
Many Latin American countries hold great potential for the commercial and industrial (C&I) use of solar power, with high rates of solar irradiation and growing economic activity. Nevertheless, suitable finance for such solar projects is difficult to access; a problem which can be solved by ecoligo’s fully-financed solution. Aside from Costa Rica, key markets for the solar company include Puerto Rico, Chile, the Dominican Republic and Guatemala. A 95 kWp project in Chile managed by leading solar developer Soventix was financed on the ecoligo.investments platform in 2018.
ecoligo has gained traction in Ghana and Kenya with its solar-as-a-service solution, powering C&I customers with affordable solar energy. The projects are financed through crowdinvestors on the ecoligo.investments platform, where more than 1.7 MWp of photovoltaic systems with a funding volume of more than 1.7 million EUR have been financed to date. ecoligo has offices in Accra and Nairobi and will now open its Latin American hub in San José.
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