Traditional model
Build asset → sign PPA/EaaS → hold to maturity.
Costa Rica opportunity
Costa Rica's Energy Transition as a Capital-Market Opportunity
Trinomio helps international partners convert long-term energy contracts into structured, bankable cash-flow assets with a pathway toward capital recycling.
Energy → Firm ← Capital
Trinomio is the local structuring partner that connects energy potential, governed execution, and capital discipline.
Opportunity thesis
Not only project development. Capital structuring.
Costa Rica's energy transition can be read as a platform for long-term contractual cash flows. The strategic question is how those cash flows are governed, risk-adjusted, and structured so they can become bankable investment assets.
Trinomio-oriented model
Structure asset → govern cash flow → compress risk → create a pathway toward liquidity and faster capital recycling.
Why Costa Rica
A focused transition context for international capital
Costa Rica offers a focused context for evaluating how energy-transition execution, long-term contracts, and capital discipline can be organized into bankable investment assets.
Costa Rica gives international developers, investors, DFIs, banks, regulated fund managers, and strategic energy partners a compact market context for evaluating how energy-transition execution can connect to capital-market discipline.
The opportunity is not presented as a mature secondary PPA market. It is a liquidity-oriented structuring thesis: design long-term energy contracts, monitoring, controls, and risk allocation so that future refinancing, pooling, securitization, or transfer becomes more credible over time.
Regulatory framework
What is in force and what is being debated
Costa Rica is not starting from zero. A framework of several energy laws is already in force, and Law No. 10086 is today the main channel for technological change: it enables distributed energy resources, and ARESEP, the regulator, is moving quickly to implement it. The reform of the AR-RT-POASEN regulation, in force since June 2026, already incorporates distributed resources, storage and aggregators.
At the same time, the Legislative Assembly is debating two bills that propose different routes. The Assembly will decide which architecture the country adopts, and it is likely to take elements from both.
01
Bill No. 23414
National Electricity System Harmonisation Act (Ley de Armonización del Sistema Eléctrico Nacional)
Proposes a National Electricity Market and a coordinating body, ECOSEN, with system- and market-operation functions. It provides for agents that could aggregate demand, as well as contracts and spot transactions subject to rules and regulation.
Read the legislative text (in Spanish) →02
Bill No. 25781
Energy Security and National Electricity System Modernisation Act (Ley de Seguridad Energética y Modernización del Sistema Eléctrico Nacional)
Keeps DOCSE as system operator within ICE, with technical deconcentration, and proposes energy-efficiency and energy-security instruments. It provides for voluntary demand-response programmes whose verifiable reductions could receive compensation approved by ARESEP.
Read the legislative text (in Spanish) →Two routes, one question
We do not take sides. Technological change and climate change are already creating value that the previous structure cannot recognise. Whatever the route, the question will be the same: how does a new physical capability become a service that someone can request, measure and pay for?
From signal to position
At every place and moment, the system reveals a signal: how much energy is needed, what it is worth, how loaded the grid is and how much energy is available or stored. Each resource reads that signal within its own technical, contractual and regulatory constraints, and chooses a position: generate, charge, discharge, buy, sell, curtail or flex its consumption.
Signal
High demand, expensive energy and a battery available.
Position
Discharge the battery and reduce purchases from the grid.
Signal
Low demand, surplus solar and low energy value.
Position
Charge the battery or shift consumption.
Technology, including artificial intelligence applied to energy, improves that decision faster than the rules change. The capabilities will be ready before regulation recognises them; the vessel must be ready too. The relation between signal and position is the same under either legislative route: what changes is who makes the decision, whether a prosumer, an aggregator, a distribution company or a future distribution-system operator.
Our task is to prepare the vessel: enterprises that act today with the rights that Law No. 10086 and its regulation already recognise, and that have the contracts, data, measurement and governance needed to adapt when the new rules arrive.
Both bills are proposals still going through the legislative process and may change. Texts consulted in September 2026.
Structured cash-flow assets
From long-term PPAs to capital-market participation
Long-term PPA and EaaS contracts do not become bankable automatically. They need governance, underwriting discipline, enforceable controls, and an execution layer that capital can evaluate.
Structure asset
Govern cash flow
Compress risk
Refinance, pool, securitize, or transfer into capital-market vehicles
The target is not a guaranteed exit. It is a capital-recycling pathway: structure the cash-flow asset today so future refinancing, pooling, securitization, and capital-market participation can be evaluated with stronger institutional evidence.
Capital layer
The capital layer: more than a fund
Capital does not arrive through a single route, nor does it stay forever. It enters, is held, is realised and goes back to work.
01
Entry
Capital enters through the door that fits its profile.
Strategic capital
at enterprise level, with governance and a share in growth
Financial capital
at asset level, protected by fiduciary structures
Regulated investment vehicles
venture-capital funds (FICR), securitization and REIT-type vehicles
Senior debt
with interest-rate risk management
Energy
the physical resource the enterprise converts
02 · Centre of gravity
Energy Enterprise
It is not a conduit: it joins the energy market and the capital market and holds them together.
Energy → Firm ← Capital
03
Liquidity
Capital is realised through several routes.
- Distributions during the holding period
- Securitization of seasoned cash flows
- REIT-type vehicles
- Sale or listing of the enterprise
- Secondary transfers
04 · Recycling. Realised capital goes back to work in new assets and new Energy Enterprises.
Structures subject to the applicable legal and regulatory framework. This content is not an offer or a solicitation of investment.
Who this is for
International partners reading energy through capital discipline
Developers
Partners seeking local structuring capacity, governed execution, and financeable contract architecture.
Investors
Capital providers evaluating long-term energy contracts as structured cash-flow assets.
DFIs / climate capital
Institutions looking for disciplined pathways from transition need to bankable deployment.
Banks and regulated investment vehicles
Credit and fund-vehicle readers focused on risk allocation, monitoring, refinancing, and pooling.
Strategic partners
Energy, infrastructure, and regional partners exploring capital-market participation over time.
Trinomio's role
The governed firm layer between energy and capital
Trinomio works as the local structuring partner for energy potential that needs to become executable, monitored, risk-compressed, and financeable.
Energy → Firm ← Capital
The firm layer converts long-term energy contracts into structured cash-flow assets that banks, funds, DFIs, strategic partners, and regional capital-market actors can underwrite with greater discipline.