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Hive Energy creates JV with Shanghai Electric for 50-MW solar project in Cuba

Hive Energy solar system. Source: Hive Energy. All Rights Reserved.

November 7 (Renewables Now) - Hive Energy Ltd has set up a joint venture with a UK unit of Chinese electrical equipment maker Shanghai Electric Group Co Ltd (HKG:2727) to realise a 50-MW solar project in Cuba.

In a statement published on Monday, Hive Energy said that the new JV with SE Energy Investment Co Ltd should begin construction work on the project in late November. As part of the scheme, they will build three solar parks totalling 50 MW in the Mariel Development Zone, which spans over 400 sq km (154.4 sq mi).

The total cost of the project is estimated at up to USD 60 million (EUR 52.2m). Completion is scheduled for the autumn of 2019.

This will be Cuba’s first utility-size solar park, according to Andrew Macdonald, director of Mariel Solar. The country has set a goal for renewables to cover 25% of overall generation by 2030.

(USD 1.0 = EUR 0.871)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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