The Caribbean Energy Industry Is Undergoing a Major Transformation

📆 6/18/2024 5:40 PM
📰 OilandEnergy

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Caribbean News

Renewable Energy,Solar Power,Geothermal Energy

The Caribbean is undergoing a major energy transformation, with significant investments in solar, geothermal, and battery storage projects aimed at reducing reliance on fossil fuels.

The energy sector in the Caribbean is undergoing a huge transformation, from geothermal finds in Dominica to solar energy in Antigua and Barbuda. The long-overlooked region is now attracting high levels of investment, as energy companies see huge potential in its future. Massive investments from international organizations and private funders are expected to spur the development of a strong renewable energy sector across the region over the next decade.

This year, in the U.S. Virgin Islands, the energy service consultancy Accion Group is carrying out an auction for 128MW solar and 63.2MWh battery energy storage owned by VIElectron. This is in response to the declaration of an energy emergency making the need for greater diversification abundantly clear. In Dominica, experts believe there may be huge potential for geothermal energy.

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