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St Lucia: South Korean Energy Company Eyeing Green Investment

Korea East-West Power, a subsidiary of South Korea’s Korea Electric Power Corporation utility, has reportedly expressed interest in making an investment in green energy in St Lucia, the government said this week.

St Lucia Foreign Minister Alva Baptiste met with and made a presentation to company representatives during a recent visit to South Korea.

“[The] presentation really excited concrete responses within the decision-making bodies in South Korea to the extent that East West Power has indicated an interest in investing in the renewable energy sector in St Lucia,” he said. “This is not just an investor that is speaking to this issue, but they are certainly in the orbit of St 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.”

The investment could come in the form of geothermal energy, which has been increasingly visible as a potential power source in the Caribbean.

“Can you imagine what it would be to have geothermal energy in St Lucia, where we can actually generate electricity at a few cents, maybe less than 10 cents per kilowatt?” he said. “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.”

Dominica has been making the most progress on the geothermal front in the Caribbean, with that country’s government saying there is a “strong likelihood” of an operational plant by 2014.



Category/ies:St Lucia News.
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