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Fiscal incentives for investment in renewables
1 October 1996
Honduras is to try and attract $200 million of investment in renewables projects and the Honduran energy cabinet has approved a package of fiscal incentives to encourage local and foreign investors. "We hope to attract an investment of some $200 million to carry out hydroelectric, wind and biomass energy projectsÉ The generation of renewable energy will put us in a position of depending far less on [imported] petroleum and [of] meeting the future demand of private and industrial consumers," says Public Works Minister Jeronimo Sandoval. The proposal was to have been sent to the Latin American's country's congress by mid September. Proposed incentives include eliminating import taxes for equipment and raw materials, reducing corporation taxes and eliminating or reducing surcharges. Indeed investors are apparently already interested in several projects, including a wind power project at Cerro del Hula just outside Tegucigalpa, two hydro projects, as well as a biomass project. "If we complete these projects, in the next five years we'll generate an extra 500 megawatts of energy," Sandoval estimates. The call for investment comes as Honduras is putting its state-owned electric company ENEE up for privatisation. Honduras currently generates 600 MW from hydro plants
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