Dominican Republic Doubles Renewables Capacity in Just 3 Years

Under the current government, the renewables transition in the Dominican Republic is quickly picking up speed. From 2020 to the end of 2023, electricity generation capacity from renewable sources increased from 555.5 MW to 1,126.25 MW, which is a rise of over 103%.

Renewables in Dominican Republic doubles

The main driver behind this progress has been a series of reforms and strategic investments in photovoltaic projects, generating over 1,300 MW across various parts of the country. President Luis Abinader played a crucial role in the encouragement of the Decree 65-23, which updates the regulations relating to the Renewable Energy Promotion Act.

The purpose of this decree is to increase transparency and reduce bureaucracy in renewable energy contracting processes, aiming to attract local and foreign investment. In 2023, these investments reached over $1 million, which put the energy sector at the top of the national economy alongside tourism.

The country received it’s best ranking in 9 years in 2023, placing 88th in the World Economic Forum’s global energy transition ranking. According to the Climatescope 2023 report by Bloomberg New Energy Finance (BNEF), the Dominican Republic has escalated from 45th to 43rd place worldwide based on attractiveness for foreign investment in the energy transition.

Amongst emerging markets, the country moved up to 20th place out of 110 nations, and in the region of Latin America and the Caribbean, they were ranked 6th place which was an increase on the previous year. These rankings represent improvement in the social, political, economic and environmental fields within the Dominican Republic.

The surge of investment in solar photovoltaic projects in the Dominican Republic is just one example of many around the world. Advance your career in this field by studying 3 of our CPD accredited courses, having the opportunity to gain 3 internationally recognised Galileo Master Certificates plus the overall Expert Certificate. Study our Solar Energy Consultant Expert Certificate today.

Source

https://energynews.pro/en/dominican-republic-announces-renewable-energy-boom-within-3-years