OPEC Funds Cuban PV Projects

OPEC Funds Cuban PV Projects

A $45 million loan agreement was signed between OFID Director-General Al-Herbish and Cuban Сhargé d’affaires Marieta García Jordán. (Photo Credit: OFID)
  • The OPEC Fund for International Development (OFID), a development finance institution established by the member states of the Organization of the Petroleum Exporting Countries (OPEC), has signed a public sector loan agreement with Cuba to support 2 solar PV projects
  • The $45 million loan will aid the development of the projects, along with government support
  • The plants will be located in eastern Cuba and will help enhance power systems and energy efficiency in the country

The OPEC Fund for International Development (OFID) is now funding 2 PV plants in Cuba. OFID, a development finance institution established by the member states of the Organization of the Petroleum Exporting Countries (OPEC), has signed a public sector loan agreement with its partner country Cuba for $45 million.

Along with government support, this support will be used to co-finance the PV projects. The plants will be located in the country's eastern region. Even though the exact capacity of the plants is not known, OFID noted in an online statement that they will enhance power systems and energy efficiency in the country.

In January 2017, Cuba announced that it planned to develop 59 PV parks with a cumulative capacity of 59 MW, of which 33 projects were to be connected to the national grid in 2017 (see Cuba To Develop 59 PV Parks).  

Under its Policy for the Development of Renewable Sources and the Efficient Use of Energy, Cuba plans to have 700 MW of solar power capacity by 2030. The overarching target is to achieve a 24% renewable energy share in the total energy mix by 2030.

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