TAMPA, Florida: With the abundance of clean energy resources in the Caribbean—sun, wind, water, and geothermal—it’s a natural environment for more renewable energy generation. So why isn’t there more renewable energy produced in the Caribbean, and why aren’t there more projects in the pipeline?
With more than three decades of experience developing renewable energy projects and operating utilities, WRB Energy can address some of the challenges that hinder increased renewable energy generation in the Caribbean.
Contain costs
Most small Caribbean island nations lack economies of scale to absorb the high costs and complexities of developing relatively small renewable installations as compared to those in larger, more developed countries. With relatively smaller populations, economies, and electricity demand, there are fewer kilowatt-hours produced to amortize the up-front investment expenses cost-effectively. However, as the prices for renewable energy equipment continue to decrease and technologies advance, solar, wind, and geothermal are increasingly more viable, least-cost options for diversified energy portfolios.
Flatten the learning curve
Government leaders with a stable long-term vision and implementation plans for increased renewable energy attract the best opportunities for project development. By working collaboratively, utilities, government, regulators and developers can help level the learning curve for initial projects.
Understand that land is precious
Securing appropriate land for project siting poses significant challenges. There is tremendous pride in land ownership, with parcels of land being passed on from generation to generation. Also, there is a history of informal land dealings, which leads to clouded property titles. Consequently, these issues can create local owner resistance to land transactions and long-term leases.
Clarify investment requirements
Banks, investors, and multilateral organizations have mandates, terms, securities and covenants that can be misunderstood in negotiations with governments, utilities and regulators. Policies and processes need to be clearly defined to avoid misinterpretation of project terms.
Harness a sustainable future
Developing renewable systems reliably and affordably requires due diligence to avoid electricity rate increases. It’s a long-term strategy requiring cooperation between stable government policies, flexible utilities, competent regulatory bodies, responsible investors, and credible development partners to design, develop and deliver renewable energy projects as promised. Read more at https://wrbenergy.com/wp-content/uploads/2013/08/FINAL-ENERGY-0032-2019-feature-article-3-4-19.pdf. Download photos at https://www.dropbox.com/sh/8u4fxjjpjghexce/AACs-LpeFMSgBQ58o7_NrmzQa?dl=0
WRB Energy develops renewable energy projects to help stabilize electricity prices, reduce dependence on imported fuels, and drive economic growth in Latin America and the Caribbean. Visit www.wrbenergy.com and https://wrbenergy.com/content-solar-jamaicas-first-utility-scale-solar-plant/.
Source: WRB Energy
