SE Energy Investment Co., Ltd., a UK subsidiary of Shanghai Electric Group, and Hive Energy Ltd have formed a joint venture to build and operate 50 Megawatts of photovoltaic solar power generation in the Mariel Development Zone, Cuba.
The project comprises three separate installations within the 400 square-kilometer development zone, aggregating to 50MWs and expected to generate over 100,000 Megawatt-hours of power annually.
Construction is expected to begin in late November 2018. The investment will be up to USD 60 million and it is planned that the plants will reach full operation by the autumn of 2019.
Giles Redpath, CEO of Hive Energy, commented; "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, commented; "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.
Bo Peng, CEO of SEC Energy Investment commented "Shanghai Electric hopes this will be a first of many projects in Cuba and the wider region where all countries suffer from dependence of costly fossil fuels."