HAVANA, Nov. 8th Solar developer Hive Energy and SE Energy Investment Co, a UK subsidiary of Chinese equipment manufacturing conglomerate Shanghai Electric Group, have formed a joint venture to build and operate 50MW of solar PV in the Mariel Development Zone, Cuba.
The project comprises three separate installations that are expected to generate over 100,000MWh of power annually. Construction is expected to begin in late November 2018 and will require investment of up to US$60 million. Full operation is planned for the autumn of 2019. Hive announced the project back in 2016.
Giles Redpath, CEO of Hive Energy, said: “We have been working in Cuba for many years to realise this project. We are delighted to be partnering with Shanghai Electric who also have considerable in-country experience. We are proud that this project will reduce Cuba’s dependency on expensive foreign oil and help them reach their renewables target.”
Andrew Macdonald, director of Mariel Solar, added: “This exciting project is Cuba’s first utility-size solar park. The project will provide a good boost toward reaching the renewable targets of 2030, producing significantly cheaper energy than the average cost of generation today.”
Cuba has a renewable target of 25% of overall generation by 2030.