A South Korean company has expressed an interest in investing in renewable energy in St. Lucia, Foreign Affairs Minister Alva Baptiste has said.
A government statement said that Baptiste, who recently ended a visit to the Asian country, held talks with the Korea East West Power Company Ltd. on the matter.
The statement said that the company generates electricity using bituminous coal, anthracite, heavy oil, liquefied natural gas, outflow water, sea water, sunlight, fuel cells, and wind power.
Baptiste is quoted as saying that the company became interested after the St. Lucia delegation made a presentation on new and renewable energy on the island.
This presentation really excited concrete responses within the decision-making bodies in South Korea to the extent that East West Power Company Ltd. has indicated an interest in investing in the renewable energy sector in Saint Lucia, he said.
Baptiste said that with international crude oil prices sky-rocketing frequently, an investment in renewable energy would result in tremendous benefits for the local economy.
Can you imagine what it would be like to have geothermal energy in St. Lucia where we can actually generate electricity at a few cents, maybe less than ten cents per kilowatt? he asked.
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, so it will be a joyous daybreak to end the long night of suffering for our citizens because we have no control over the price of oil which fluctuates on the world market and certainly exploring renewable energy is an area that would be of tremendous assistance and significance to us if we are able to create a breakthrough, said Baptiste.
He added that the Kenny Anthony administration would take the necessary steps to facilitate the interest in the renewable energy sector on the island.
Baptiste said the involvement of Korea's East West Power Company would also indicate that St. Lucia is committed to being a green economy.