First Solar Project for Foreign Investment Granted by the UNE
Hive Energy is set to become the first British company to net a major PV project contract in Cuba.
At the end of May they were awarded by Union Electrica de Cuba (UNE) with a contract to deliver a 50MW project to the Island. The project is going to be developed in the Mariel Free Zone, a huge new port which has been designed to act as a regional hub for Cuba
The country has plans to spend $3.5 Billion in the coming years to increase its supply of renewable energy. They plan to reach 20% from renewable sources by 2020, and drive down the cost of electricity from its 2013 rates of $21.10 kWh to 17.90 kWh by the same year.
Giles Redpath, CEO Hive Energy:
“Hive Energy strives to deliver solar power to the frontiers of new markets. We are excited and delighted to be working with Cuba’s UNE to support their plans for a future powered by renewable energy. Delivering the first utility scale solar project in the Caribbean is just one step towards the island achieving this goal”.
This is the first PV project to be developed in Cuba with a 100% foreign investment.