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