NEC outlines renewable energy plan for Union Estate

The National Energy Corporation (NEC) plans to create a renewable energy technology (RET) cluster at the Union Industrial Estate (UIE) where six plots ranging in size from 2.9 to four hectares have been earmarked for this purpose.

The NEC said a RET marketing session was hosted on March 12 at its Brechin Castle, Couva, offices. 

The session targeted operations interested in RET and provided guidelines on the process for taking advantage of business opportunities in this field. Proposals were invited from established and newly-emerging RET companies in the areas of green building materials and furnishings, biofuels processing and recycling plants. The NEC is also welcoming proposals in other related lines of business.

Presentations were made on lease offerings and infrastructure availability at UIE and an overview was given on the certificate of environmental clearance (CEC) application process. 

The Green Fund execution unit was also on hand to summarise the criteria for accessing funding for environmentally-friendly projects from the fund.

The NEC said in the past, proposals received from companies could not be properly assessed due to the submission of insufficient information. The forum was used to delineate some high-level evaluation criteria for proposals, which include the following:

• Business concept and project development plan

• Technology selection

• Products and production levels

• Capital and operating costs

• Financing plan and cash flow projections

• Preliminary environmental impact/risk assessment

• Marketing strategy

Participants indicated that the current set fiscal incentives for establishment of RET businesses could be enhanced. The issue of competitiveness of RET industries in this country’s oil and gas economy was also raised. 

The general consensus pointed towards the need for more support from the Government and its agencies in creating an enabling environment for the promotion of viable RET industries.

The session concluded with a commitment from NEC to take the feedback received into account when making recommendations for the further development of a green business sector. Companies also gave the assurance of their continued interest in partnering for the development of RET clusters as this industry will undoubtedly play an integral role in the nation’s economic and environmental sustainability.

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