Cuba has big plans to achieve renewable energy goals as restrictions on foreign investment are slowly lifted. Although the participation by U.S. firms is still hampered by the embargo, which requires a special license from the Office of Foreign Assets Control, the Cuban market represents potential for both U.S. equipment manufacturers and investors. Capital investments totaling approximately U.S.$3.5 billion, as well as access to technology and equipment, would be needed to meet the goals that Cuba has set.
The mix includes substantial infrastructure projects: 13 wind farms to produce 663 MW of electricity, installations of 700 MW of solar PV, 19 biomass power stations with a generating capacity of 755 MW and 74 small hydroelectric plants that will have an output of 56 MW of energy. These projects will install more than 2 GW of renewable energy by 2030. Rosell Guerra, director of renewables at the Cuban Ministry of Energy, said that the additional capacity will result in renewables comprising approximately a quarter of Cuba’s total installed capacity. The Cuban government passed a foreign investment law early last year and several countries have already been active in the market, including Abu Dhabi, which recently offered U.S.$15 million in loans for the construction of four 10MW solar power plants.
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