Miravalles Green Campus is the first purpose-built AI and renewable energy infrastructure platform in Costa Rica — 60 hectares on a proven geothermal field, master-planned for expansion from 10 MW to 300+ MW.
Every advantage at Miravalles Green Campus is geological, not mechanical. The volcano, the river, the elevation, and the wind do the work that competitors spend millions trying to replicate artificially.
The campus sits within the mapped boundary of the Miravalles Geotérmico field — a 15 km caldera system producing 163 MW since 1994 across 52 wells. Thirty years of ICE reservoir data characterize the subsurface in extraordinary detail, de-risking any future generation development. 163 MW operating · 52 wells · 30yr data record
At 550–700 meters elevation on the Miravalles volcanic slope, the campus naturally sits within the ASHRAE A2 server thermal envelope year-round. Mechanical chillers — the single largest power consumer in conventional data centers — are eliminated entirely, not reduced. No chillers required · Year-round free cooling
Cold volcanic river water from the Cuipilapa River — sourced at high elevation on Miravalles Volcano — feeds a campus reservoir via a secured farmer agreement. This 10–16°C supply enables water-side free cooling that reduces cooling energy consumption by over 50% versus conventional tropical data centers. 10–16°C supply · Continuous cold-water cooling
The same wind corridor that powers the adjacent 49.5 MW La Gloria wind farm — with annual average wind speeds of 11–12 m/s — crosses the campus site continuously. This sustained airflow reduces or eliminates fan motor energy on outdoor dry coolers during high-wind periods, pushing the design PUE toward 1.08–1.10. The campus benefits from the wind resource as a cooling enhancement; wind generation is developed separately through IceLeaf's strategic partnership with EnfraGen. 11–12 m/s avg · Wind-assisted dry cooling · PUE enhancement
Cooling return water exits the data hall carrying significant recoverable thermal energy. IceLeaf's proprietary closed-loop thermodynamic recovery system captures this waste heat and converts it into supplemental clean electricity — generating power from energy that every other data center campus simply discards to atmosphere. The system operates continuously with no additional fuel source. Continuous waste heat recovery · Proprietary IceLeaf technology
The campus site is adjacent to Costa Rica's most developed geothermal utility infrastructure. ICE's 48.5 km pipeline network, existing substations, and the Miravalles field service operations center at La Fortuna are proximate to the campus — reducing interconnection cost and timeline significantly versus a greenfield site. Proximate ICE substation · Established utility relationship
Miravalles Green Campus is conceptually master-planned for 300+ MW across five phases on 60 hectares. Phase I is the entry point. Each subsequent phase is a separately financeable infrastructure asset with its own investor base, its own SPV, and its own expansion logic — built on a single campus foundation. All phases beyond Phase I are subject to utility agreements, regulatory approvals, customer demand, and financing.
For investors unfamiliar with Costa Rica as an infrastructure market, the following answers the most common questions before they are asked.
Costa Rica has maintained continuous democratic governance for over 75 years — longer than most countries where hyperscalers currently operate major data center campuses. No military. Investment-grade sovereign risk. One of the most politically stable environments in Latin America by any international measure.
Costa Rica generates over 98% of its national electricity from renewable sources — hydroelectric, geothermal, wind, and solar — and has done so for over a decade. This is the current operational reality validated annually by the national grid operator ICE, not a 2030 commitment. For AI operators under ESG pressure, the carbon credentials are immediate and verifiable.
At 550–700 meters elevation on the Miravalles volcanic slope, the campus site maintains ambient temperatures within the ASHRAE server thermal envelope year-round. The mechanical cooling burden that makes tropical data center development expensive elsewhere is eliminated by geography. This is a site-specific advantage not available at lower-elevation locations in Central America.
The Miravalles geothermal field has been in continuous commercial operation since 1994 across five power plants and 52 characterized wells. ICE's Centro de Servicio Recursos Geotérmicos operates from La Fortuna, Bagaces — adjacent to the campus site. The subsurface is not a frontier resource requiring exploration. It is a proven industrial asset with three decades of published monitoring data.
Costa Rica operates in the Central Time Zone, sits 3 hours by air from Miami and 6 hours from New York, and is connected to North and South America by established submarine fiber cable infrastructure. Data sovereignty requirements for Latin American operations increasingly favor Costa Rican hosting. The country's legal system is based on civil law with established frameworks for foreign direct investment and intellectual property protection.
The combination of volcanic elevation, cold river water, wind-assisted cooling, and liquid-cooled AI rack architecture supports a design PUE target of 1.10 — comparable to Google's cold-climate facilities, without the cold climate. This figure is an engineering design target subject to site-specific validation.
Miravalles' geothermal resource offers more than power and cooling for AI infrastructure. IceLeaf is evaluating how the same thermal substrate — stable subsurface heat, high-capacity liquid cooling loops, and a remote, low-interference location — can support satellite ground station and teleport infrastructure alongside AI/HPC tenants.
IceLeaf is pursuing proprietary thermal management IP designed to couple geothermal resources with high-density thermal loads, applicable to both AI data center cooling and satellite ground infrastructure.
DISCLOSURE — This capability is in early development. Specific technical implementation is covered under pending patent applications and is available to qualified partners under NDA.
IceLeaf is actively developing strategic relationships with three institutional partners whose missions align directly with the Miravalles campus thesis.
IceLeaf is pursuing a BOT (Build-Operate-Transfer) geothermal generation agreement with ICE — Costa Rica's national utility — to develop new generating capacity within the Miravalles field and supply the campus with clean, firm, baseload power. The Miravalles III precedent demonstrates ICE's established framework for private development partnerships.
Quaise's MIT-developed millimeter-wave drilling technology is designed to access superhot geothermal resources at depth. The Miravalles campus — situated within a proven Tier I volcanic field with 30 years of ICE subsurface data — offers Quaise an internationally validated demonstration site with an anchor power customer already in place.
EnfraGen (a Partners Group / Glenfarne joint venture) owns the adjacent 49.5 MW La Gloria wind farm in Bagaces — on a resource with 100 MW of identified potential. IceLeaf is pursuing a strategic wind energy offtake arrangement under which EnfraGen supplies clean wind power to the campus grid, complementing the geothermal baseload supply. Separately, IceLeaf holds 89 hectares at La Giganta in the Tilarán wind corridor — between Río Naranjo and Río Chiquito — representing a second wind development opportunity in Costa Rica's most proven wind energy region.
DISCLOSURE — Strategic relationships described above are in active development. No binding agreements, signed contracts, or formal commitments have been executed with any named organization as of the date of this publication. References to partnership discussions reflect IceLeaf's current engagement strategy and development intentions only.
IceLeaf Energy is designing the Miravalles Green Campus according to internationally recognized data center security and operational best practices.
These certifications will be pursued as the campus reaches operational readiness, in alignment with tenant and partner requirements.
IceLeaf completes the foundational legal framework governing phased land contributions, milestone-triggered option rights, and SPV governance for all 60 hectares of the Miravalles campus.
Legal StructureIceLeaf is pursuing a Build-Operate-Transfer geothermal generation proposal with the Instituto Costarricense de Electricidad, engaging directly with ICE's Geothermal Resources Directorate on a private generation asset within the Miravalles field boundary.
ICE PartnershipIceLeaf initiates strategic alliance discussions with Quaise Energy, offering site access within the Miravalles geothermal field boundary for millimeter-wave drilling technology demonstration and deep resource characterization.
Technology AllianceWe are actively seeking institutional investors, anchor tenants, and strategic partners.
If you represent an infrastructure fund, hyperscaler, AI training company, development finance institution, or technology partner — we want to hear from you. IceLeaf's three foundational documents (Master Development Agreement framework, Campus Master Plan, and SPV Governance Blueprint) are available to qualified parties under NDA.