The growing demand for electricity in developing countries has called attention and interest to renewable energy sources to mitigate the adverse environmental effects caused by energy generation through fossil fuels. Among different renewable energy sources, such as photovoltaic, wind, and biomass, hydraulic energy represents an attractive solution to address the demand for electricity in rural areas of Colombia that are not connected to the electrical grid. In the current paper, the fluid–structure interaction (FSI) of a recently designed Vertical-Axis Hydrokinetic Turbine (VAHT) Straight-Bladed (SB) Darrieus-type, modified with symmetric winglets, was studied by implementing the sliding mesh method (SMM). By coupling with Computational Fluid Dynamics (CFD) numerical simulations, the FSI study demonstrated that the hydrodynamic loads obtained can cause potential fatigue damage in the blades of the Straight-Bladed (SB) Darrieus VAHT. Fatigue life was assessed using the stress–life (S-N) approach, and materials such as structural steel, short glass fiber reinforced composites (SGFRC), and high-performance polymers (HPP), such as PEEK, were studied as potential materials for the construction of the blades. FSI results showed that the biaxiality index (BI) provides a good understanding of the dominant stresses in the blades as the azimuth angle changes. It was also shown that structural steel and PEEK are good materials for the manufacturing of the blades, both from a fatigue resistance and modal perspective.