India offers line of credit to Cuba for renewable energy projects

India offers line of credit to Cuba for renewable energy projects
PTI : Havana, Fri Sep 20 2013, 16:31 hrs

India has offered Cuba lines of credit and expertise for developing
renewable energy projects, as the Caribbean nation seeks to diversify
energy mix for reducing its dependence on oil imports.
The offer was extended during meetings between visiting Minister of New
and Renewable Energy Farooq Abdullah and Cuban leaders at Havana. Both
the countries have agreed to enhance their cooperation in the renewable
energy sector.

Abdullah, who heading a high-level delegation of experts to explore
greater opportunities for cooperation between the two sides, had
meetings with Cuban Vice President Marino Murillo and Cuban Minister of
Energy and Mines Alfredo Lopez Valdes.

"He (Abdullah) offered India's support and expertise in setting up
renewable projects as well as in capacity building and project
preparation," according to an official statement.

"He also urged the Cuban side to take advantage of the Lines of Credit
offered by India in setting up renewable energy projects," it said.

The statement, however, did not give details of how much line of credit
(LoC) India has offered to Cuba for setting up renewable energy projects.

"They (the Cuban leaders) informed Abdullah of Cuba's strong desire to
diversify its energy mix by exploiting its renewable energy resources,
especially in wind and bagasse-based cogeneration projects," it said.

Abdullah also briefed them on the energy situation in India and its
plans in renewable energy. He explained that India currently has over 29
GW of grid-connected installed capacity using renewable sources of
energy and it plans to add over 30 GW capacity by 2017.

He also spoke on the success of India's wind programme as well as the
significant cost reductions in solar energy through the Jawahar Lal
Nehru National Solar Mission (JNNSM).

Abdullah recalled India's long standing and traditionally warm relations
with Cuba and said New Delhi has always supported the Cuban nation and
its people.

His meeting follows a trip to Santiago, Chile last week, where the two
countries had agreed to enhance cooperation on renewable energy projects.

Earlier, Abdullah also visited the local polyclinic to understand
first-hand the health systems and had detailed discussions there, the
statement said.

Source: "India offers line of credit to Cuba for renewable energy
projects - Indian Express" -
http://www.indianexpress.com/news/india-offers-line-of-credit-to-cuba-for-renewable-energy-projects/1171855/0