Resources and Media: News Release: General Business

invesTT commissions feasibility study for solar projects

PORT-OF-SPAIN, Trinidad, January 31, 2013: On the heels of last week’s opening of Antigua and Barbuda’s first solar power system at the Shirley Heights Lookout in St Paul, Trinidad and Tobago took an important step, today, toward developing its own capacity for commercially viable renewable energy, with the commissioning of a feasibility study for a globally competitive co-location manufacturing industrial complex in the solar PV cell value chain. 

The official agreement which was confirmed by invesTT Chairman Brian Frontin and Managing Director Johan Sydow of SiTek Limited, took place on January 30 at the Hyatt Regency Hotel in Port-of-Spain, during the annual international energy conference hosted by the Ministry of Energy and Energy Affairs. 

The 40-week feasibility study aims to identify Trinidad’s unique value proposition in four independent aspects of solar technology and will be conducted by an international consortium led by SiTek, with oversight by invesTT, the Economic Development Board and the National Energy Corporation. 

Taking the opportunity to remind would-be green investors that Trinidad and Tobago is an attractive and competitive location for a clean technology manufacturing hub in Latin America and Caribbean, invesTT President Kelvin Mahabir said, “our focus has been on the promotion of projects in the clean technologies sub-sector, utilizing Trinidad’s relatively clean and low cost energy and our cluster of energy services and resources. It should be noted that the skills base for clean technologies is strikingly similar to that needed for the extractive and petrochemicals industries.” 

invesTT was encouraged by pre-feasibility reports which showed that successful renewable manufacturing projects in Trinidad and Tobago had “the potential to radically change the structure of our economy.” This project if proven feasible by year end has the potential to trigger over 1 billion TT dollars in new investments. 

With its economy heavily dependent on oil, gas and petrochemicals, the Government has targeted clean technology for major development, with investment promotion agency invesTT serving as a first point of contact for investors. 

SiTeK Limited is a private company registered in Trinidad and Tobago will lead a consortium of international consultants focused on developing business opportunities in renewable energy.