Korea looking to invest in renewable energy in Saint Lucia

Korea looking to invest in renewable energy in Saint Lucia

Thursday, August 16, 2012 – The multi billion dollar Korea East West Power Co., Ltd has expressed interest to invest in renewable energy in Saint Lucia.

The company generates electricity using bituminous coal, anthracite, heavy oil, liquefied natural gas, outflow water, sea water, sunlight, fuel cells, and wind power.

During a recent visit to South Korea on official government business, External Affairs Minister Honourable Alva Baptiste met with the company’s representatives and discussed the investment opportunities.

Minister Baptiste says the company became interested after the Saint Lucian delegation made a presentation on new and renewable energy on the island.

“This presentation really excited concrete responses within the decision making bodies in South Korea to the extent that East West Power Co., Ltd has indicated an interest in investing in the renewable energy sector in Saint Lucia.  This is not just an investor that is speaking to this issue likely but they are certainly in the orbit of Saint Lucia with absolute alacrity so it’s left for us now to make a determination as to the way forward with exploring other areas of renewable energy”.

Minister Baptiste says the geothermal energy may be one of the avenues worth exploring through this renewed partnership with the Koreans.

He says with international crude oil prices sky-rocketing frequently, a real investment in renewable energy here, will present tremendous benefits for the local economy.

“Can you imagine what it would be to have geothermal energy in Saint Lucia where we can actually generate electricity at a few cents maybe less than ten cents per kilowatt?   This would make us more attractive for investment purposes, it would be more attractive for domestic consumption because electricity would be cheaper and people will have more disposable income, so it will be a joyous daybreak to end the long night of suffering for our citizens because we have no control over the price of oil which fluctuates on the world market and certainly exploring renewable energy is an area that would be of tremendous assistance and significance to us if we are able to create a breakthrough”.

The External Affairs Minister says the Government of Saint Lucia will take the necessary steps to facilitate the interest in the renewable energy sector on the island. In addition to the economic and other national benefits, an investment by Korea’s East West Power Co., Ltd. would indicate to the world that Saint Lucia is committed to being a green economy.


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