Cuba is to undertake the construction of 34 small hydro- electric plants with financial support of almost 30 million dollars from the Kuwait Fund for Arab Economic Development.
Liván Arronte, general director of the Union Electrica company (UNE in Spanish) said that the credit represents an important contribution towards the realization of governmental policy on renewable energy generation.
Manuel Vale Marrero, president of the Foreign Bank of Cuba stated that the 8,800,000 Kuwait Dinares (equal to around 30 million dollars) financial package had been granted under favorable conditions of repayment.
The director added that all such Kuwait Fund loans to Cuba are notable for the length of the repayment schedule and credit conditions that from a financial perspective are most favorable.
According to the UNE head, the 34 mini hydro-electric plants will be installed in lakes in 11 provinces nationwide, all of which will be linked to the national grid.
The project will encompass enhanced construction capabilities, the requisite acquisition of transport and building equipment, the construction of interconnecting power lines, the improvement of access roads and the creation of new jobs in rural areas.
This new pact between the Island’s institutions and the Kuwait Fund comprises three accords; the first with the Foreign Bank of Cuba, a second with the Ministry of Finance and Pricing, and the third with the UNE.
After the signing of the documents on April 22, Abdulwahab Al-Bader, general director of the fund, highlighted that this was the fifth loan granted by the institution since 2005 to promote investment in Cuba.
The official pointed out that previous supports had contributed to the repair of the water and sewage systems in the eastern territories of Santiago de Cuba and Holguin, and in Havana where works were now nearing completion.
Al-Bader also stressed the satisfaction in contributing to the development of small hydro electric plants that would extend the use of renewable energy, a priority for both Cuba and the Kuwait Fund.
According to the Cubasolar president, Dr. Luis Berriz, 30% of the nationwide demand for electricity should be supplied by renewable source contributions to the national grid by the year 2030.
Figures from the Ministry of Energy and Mining indicate the aspiration that 24% of all national electricity production will also be sustained by renewable sources in 2030.
In June of 2014, government authorities approved directives for the installation of 2,144 MW with the running of 13 wind farms, new photovoltaic solar parks and another 74 small hydro electric plants.
These projections also envisage enhanced exploitation of thermic solar energy, forestry biomass, solid urban waste and industrial and agricultural organic waste.
The UNE reports that 14 solar parks, located in the provinces of Havana, Villa Clara, Cienfuegos, Camaguey, Santiago de Cuba, Guantanamo and the special municipality of the Isle of Youth are presently operational.
Amongst other investments already underway is the construction of what will be the largest wind farm to date on the Island in the Las Tunas province municipality of Jesus Menendez.Share on FB Share on TT