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Cuba seeks investors to boost clean, renewable energy

Cuba seeks investors to boost clean, renewable energy
Source: Xinhua 2016-08-21 05:57:31

HAVANA, Aug. 20 (Xinhua) — Cuba is set to hold its first Energy &
Infrastructure Summit in an effort to boost clean and renewable energy
sources and cut down on fossil fuels, local media reported on Saturday.

Conrado Moreno, a member of the organizing committee, told state-run
Radio Havana Cuba that the Sept. 1-2 event, to be held at Havana’s Melia
Cohiba Hotel, is expected to draw green energy experts from 14 countries
in the Americas and Europe.

Participants will explore ways to attract foreign investors in the
national energy sector, including touting the new business opportunities
under Cuba’s new Foreign Investment Law.

The island nation is hoping to expand its renewable energy
infrastructure, such as wind farms, solar panels and plants that turn
sugarcane into biofuel, said Moreno.

Cuba has long depended on its close ally Venezuela, an oil exporter, to
meet its energy needs. But low oil prices have plunged the South
American country into an economic crisis, leading the Caribbean island
nation to focus more on alternative energy sources.

The United States, which recently restored diplomatic ties with Cuba,
will be attending the summit.

The summit is being sponsored by London-based IJ Global, a “project
finance and infrastructure journal”; New Energy Events, which serves as
a bridge between technology and capital and regional renewable
resources; and the infrastructure division of Euromoney Institutional
Investor PLC, a provider of news and information on the global financial
community.

Also organizing the event are Cuba’s Chamber of Commerce and Renewable
Energy Technologies Study Center, with the support of the ministries of
Foreign Trade and Investment, Tourism, and Agriculture.

Cuba generates about 4 percent of its energy from renewable sources, but
aims to increase that figure to 24 percent by 2030.

The island produces half of its oil needs, and imports the rest at
substantial cost. That’s why Cuban President Raul Castro is looking to
boost local energy production, especially green energy.

Source: Cuba seeks investors to boost clean, renewable energy – Xinhua |
English.news.cn –
news.xinhuanet.com/english/2016-08/21/c_135619212.htm

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