June 4 (SeeNews) - Nicaragua's parliament on Tuesday approved an extension of current fiscal incentives for investments in renewable energy until January 1, 2018.
The extension is valid for companies which already have investments in the segment. By 2018, the government will define new regulations for those willing to invest or continue investing in renewable energy, according to the approved bill.
The extension is a reform of the law promoting renewable sources, approved in 2005 and implemented since 2007.
The country plans to increase the share of renewable energy to 90% in 2020 from nearly 53% now. In 2014, wind energy represented 20.72% of power generation, followed by geothermal, hydroelectric and biomass plants with 15.25%, 9.66% and 6.81%, respectively, versus a combined 51% the previous year.