Cuba has set a target of producing 24% of its electricity from renewable sources by 2030
The indefatigable David Lenigas is looking at solar power opportunities in Cuba through his investment vehicle Leni Gas Cuba Limited (ISDX:CUBA).The Cuba-focused investment company has entered into an agreement with solar power and storage specialists, Commercial Funded Solar (CFS), to assess the potential for installing and operating renewable energy and hybrid power solutions (solar power, energy storage and integrated power management systems) in Cuba.
Cuba has set a target of producing 24% of its electricity from renewable sources by 2030, and with sunshine not exactly being in short supply in that part of the world, it is likely that a large proportion of it will be provided by solar power.
UK-based CFS has operations in the UK, Africa and south America and specialises in installing medium-sized renewable power and storage systems of between 30 kilowatts and one megawatt.
It looks a good choice for the gig as it hosted the the Cuban renewable energy delegation to the UK in 2013 to visit their £8 million (eight megawatt) solar farm in Suffock.
It is envisaged that Leni gas Cuba and CFS will jointly lead the development and construction of each project, with the funding coming from external backers.
Under the terms of the agreement, CFS and LGC will share on a 50/50 basis the development, funding and construction revenues for each renewable power plant built, and share on a 75/25 basis the 10-20 year operational contracts for all the systems.
“There is a real need for more energy supply in Cuba over the next decade as the country continues to grow its economy, and we see the renewable energy sector as an area the company would like to participate in,” said David Lenigas, chairman of Leni gas Cuba.