The Caribbean’s growing economy is creating an increased demand for renewable energy projects.
CARICOM has set an aggressive target of 48 percent of renewable energy penetration by 2030, which would be a fourfold increase from today’s level. Renewable energy investors are invited to bring their project to the Caribbean as a way to meet their investment goals while helping to preserve one of the most beautiful places on earth.
THE RENEWABLE ENERGY INVESTMENT OPPORTUNITY IS UNPARALLELED
With 300 days of sunshine, the Caribbean offers a multiple of the average solar insolation as some of the world’s largest solar power markets, such as Germany. Wind and hydropower represent additional opportunities for renewable energy projects, for example, the region’s minimum proven hydropower potential of more than 6,280 MW offers tremendous opportunities in production, interconnection and international trade for those member states and investors.
The Caribbean’s renewable energy investment opportunities are unparalleled and the result of aggressive government targets, the availability of public/private partnerships, and the availability of the region’s natural resources.
- The Caribbean holds 2,525.9 MW of potential solar energy. With 300 days of sunshine, the Caribbean offers a multiple of the average solar insolation as some of the world’s largest solar power markets, such as Germany.
- Wind energy has an estimated potential of about 30,000 MW, and at the top sites, the average annual wind speed is well above commercially successful wind farms in continental Europe.
- The industry could develop up to 9,700 MW of hydropower capacity. The region’s minimum proven potential of more than 6,280 MW offers tremendous opportunities in production.
The renewable energy ecosystem of companies and regional partners supports investment and expansion. View renewable energy investment opportunities here or contact a CAIPA member for more information.
