Cuban specialist investment firm Leni Gas Cuba has inked a deal with UK solar power and storage specialists CFS (Commercial Funded Solar) to assess the potential for installation and operating renewable energy and hybrid power solutions in Cuba, Energy Voice reported. The move comes after Cuba set a target of producing 24% of its electricity from renewables sources by 2030.
CFS and Leni said they intend to lead the development and construction of each project with the funding coming from external investors.
According to Renewables See News, under the terms of the deal, the two companies will share equally the development, funding and construction revenues for each project. CFS though will hold a 75% share in the long-term operational contracts for all systems.
“There is a real need for more energy supply in Cuba over the next decade as the country continues to grow its economy, and we see the renewable energy sector as an area the company would like to participate in,” said David Lenigas, Chairman of Leni Gas Cuba.