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nvestors in the expanding renewableenergy sector now have a new locationto add to their list of renewable energyhotspots. The Dominican Republic has become the place to do renewable energy business in the Caribbean and one of thekey hotspots for all of Latin America. LastMay, the country passed a landmarkrenewable energy law that has alreadyattracted over $2 billion worth of newinvestments in solar manufacturing, wind,hydro, and solar thermal power, waste toelectricity, ethanol, and biodiesel.To highlight the country’s great appeal forrenewable energy, the governmentcelebrated the First International EnergyWeek last January to bring togetherentrepreneurs, researchers, investors, andother industry leaders to promote thegrowth of this newly born domesticindustry. This, of course, comes on theheels of record oil prices and the increasingreality of climate change, which threatensto significantly damage the country’sagriculture and tourism sectors.The Dominican Republic’s energyconsumption is growing steadily (see EIAgraph below). Demand is currently around14,000 GW-hrs per year for electricity, 1 billion gallons of liquid fuels fortransportation, and 350 million gallons ofnatural gas for cooking. Energyconsumption is expected to grow by 4%annually in the next two decades given the
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Carlos Rymer March 10, 2008Renewable Energy Director, Romana Sostenible
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