Trinidad Express
Friday, September 8th 2006
FACED WITH astronomical and quickly skyrocketing energy bills, Caribbean states are exploring 26 renewable energy projects under the Caribbean Renewable Energy Development Programme, Trinidad and Tobago Energy Minister Dr Lenny Saith said yesterday.
Speaking at the Caribbean-Central American Action Regional Trade and Investment Forum at the Hilton Trinidad in St Ann's, Saith was revelatory.
"These projects comprise nine wind energy, four solar energy, three hydro power, five geothermal energy and five solid biomass.
"Progress in these projects is however challenged by prohibitive financing costs, totaling some US$414 million.
"To this end, Caricom is currently developing a dedicated investment vehicle called the Caribbean Renewable Energy Fund (CREF), which will provide equity and debt financing to eligible projects."
Chairman of Caribbean Energy Specialists, Trevor Boopsingh, noted that energy security for most of the small island importing nations often means price stability, "especially when import prices for energy are rising as fast as they have risen in the past three years".
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