~ U.S. renewable and conventional energy companies met in Havana to assess Cuba's growing energy market and explore opportunities for investment ~
Engage Cuba was proud to be a lead partner of the 2016 Cuba Energy and Infrastructure Summit which took place today and yesterday, September 1&2, in Havana, Cuba. Cuba will require significant foreign investment in order to diversify and strengthen its energy sector. The Summit, which was organized by New Energy Events and IJ Global, connected U.S. energy companies, international investors and senior Cuban officials to assess Cuba's current energy infrastructure and explore opportunities for market entry and investment.
Cuba has set an ambitious goal of obtaining 24% of its electricity from renewable sources by 2030. Cuba's "energy revolution" will create new opportunities for U.S. renewable energy businesses.
"Cuba wants clean energy, and U.S. companies can provide it. There are tremendous opportunities for U.S. renewable companies to play a leading role in Cuba's 'energy revolution,'" said President of Engage Cuba, James Williams. "There is an immediate and growing need to diversify and strengthen Cuba’s energy supply, beyond renewables. It's time for Congress to lift the embargo and allow American companies to help Cuba move towards a more sustainable energy future."
Given the developing economic situation in Venezuela, which has led to a reduction in oil shipments and less generous financing terms for Cuba, there is an immediate and growing need for Cuba to diversify its energy sources. This would require new partnerships with conventional energy companies, significant investments to update Cuban infrastructure and energy grid, and the expansion of exploration and production.
Currently, U.S. regulations allow for U.S. renewable energy companies to engage with Cuba - by exporting products related to renewable energy or energy efficiency and by granting approval on a case-by-case basis for the construction of electricity production factilities or other infrastructure. Yet, conventional energy companies are prevented from helping Cuba move towards a more sustainable energy supply and reduce its dependence on foreign oil.
Participants of the Summit included executives from large regional and international energy companies, potential investors in Cuban infrastructure projects, senior representatives from international governments, regional and international investment banks and providers of infrastructure engineering and technology capabilities.
The Summit was co-hosted by the Cuban Center for Renewable Energy (CETER) and featured participants from the Ministry of Energy & Mines and the sugar industry (AZCUBA). More information on the Summit is available here.