ACORE: Renewable Energy in Latin America and the Caribbean (2014)

8/10/2019 ACORE: Renewable Energy in Latin America and the Caribbean (2014)

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REGIONALBRIEFING:RENEWABLEENERGYINLATINAMERICAANDTHECARIBBEAN APRIL2014

1 AmericanCouncilOnRenewableEnergy(ACORE)

REGIONAL BRIEFING: RENEWABLEENERGY

INLATINAMERICAANDTHECARIBBEAN

APRIL 2014

AMERICAN COUNCIL ON RENEWABLE ENERGY (ACORE)

ACORE,a501(c)(3)nonprofitmembershiporganization,isdedicatedtobuildingasecureandprosperousAmerica

withclean,renewableenergy.ACOREseekstoadvancerenewableenergythroughfinance,policy,technology,and

marketdevelopmentandisconcentratingitsmemberfocusin2014onNationalDefense&Security,Power

Generation&Infrastructure,andTransportation.Additionalinformationisavailableat:www.acore.org

INTERATIONALPROGRAMS

Tobuildasecure,prosperousAmericawithclean,renewableenergy,wemustcultivateglobalpartnershipsas

technologicaladvancementsandinnovativeinvestmentstrategiesemanatefromallcornersoftheworld.ACOREs

InternationalProgramsprovideaplatformformemberstobuildthesepartnershipswithgovernment,industry,

andnon

profit

entities

across

the

globe.

ACOREs

International

Programs

also

facilitate

opportunities

for

sharing

knowledgeonpolicyandfinancetocreateanenvironmentconducivetoadvancingrenewableenergygrowthboth

intheU.S.andabroad.Withamultitieredstrategyfocusedbothontrackingglobaltrendsandbuilding

partnershipswithspecificcountriesonsixcontinents,ACOREsInternationalProgramsworktoplaceU.S.

leadershipattheforefrontofglobalrenewableenergypolicyandfinance.Additionalinformationisavailableat:

www.acore.org/programs/acore internationalprograms

POWERGENERATIONANDINFRASTRUCTUREINITIATIVE

ThePowerGenerationandInfrastructureInitiativebringstogetherleadersfromtheutility,business,investment,

regulatory,public,andnonprofitsectorsto:(1)examinethechallenges,opportunities,andappropriatestrategies

relatedto

the

expanded

use

and

effective

integration

of

renewable

energy

in

the

power

generation

sector;

and

(2)

explore21stcenturybusinessmodelsthatwillallowforthisrenewableenergyscaleup.Additionalinformationis

availableat:www.acore.org/programs/member initiatives/powergeneration


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AUTHORS

ACORE

MichaelBrower,Risa

Edelman,JamesHewett,and

LesleyHunter

AkinGumpStraussHauer

&FeldLLP

DinoBarajas

CleanEnergyLatin

America

CamilaRamos

Dentons

JuanCarlosIturreguiand

SydneyMcNiffJohnson

SPONSORS

COPYRIGHT

2014ACORE

AllRightsReservedunderU.S.andforeignlaw,treaties,andconventions.Thisworkcannotbereproduced,

downloaded,disseminated,published,ortransferredinanyformorbyanymeanswithoutthepriorwritten

permissionofthecopyrightownerorpursuanttotheLicensebelow:

Publishedby:

AmericanCouncil

On

Renewable

Energy

(ACORE)

1600KSt.NW,Suite650

Washington,DC20006

202.393.0001

QuestionsorComments:[email protected]


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INTRODUCTION

ACOREispleasedtopresentRenewableEnergyinLatinAmericaandtheCaribbean,awhitepaperon

issuesand

opportunities

in

the

Latin

American

and

the

Caribbean

(LAC)

region

renewable

energy

markets.

ThisregionalbriefingtiesdirectlytotwoofACOREskeyfocusareas:ourInternationalProgramsandour

PowerGeneration&InfrastructureInitiative.Theformercultivatespartnershipswithinternational

businessesandgovernmentstofosterthesharingofinformationonthebestofglobalrenewable

finance,policy,andtechnology,whilethelatterexaminesstrategiesforintegratingrenewableenergy

intoutilitybusinessmodelsandtheevolvingelectricpowergenerationindustry.

Asyouwillreadinthefollowingarticles,commoncharacteristicsoftheLACenergymarketmakeita

naturalareaoffocusforACOREsinternationalandpowergenerationefforts.Presentenergyissuesin

theregionincludehighelectricityprices,outdatedorburgeoninginfrastructure,andwaterandenergy

accessconcerns.Renewableenergyhasthepotentialtoaddresstheseproblems.

ACOREinvitesourmembers,whoarefocusedonpowergenerationmodels,globalbusiness

opportunities,andinfrastructuremodernization,toplayanactiveroleincreatingthefinancial,policy,

andmarketsolutionsneededtofacilitaterenewableenergygrowthintheLACregion.Wethankthe

authorsforthearticlestheyhavecontributedonthesecriticallyimportanttopicsandlookforwardto

yourengagementinthisdialogue.


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EXECUTIVE SUMMARY

CamilaRamos

CleanEnergyLatinAmerica(CELA)

ThegrowingeconomiesoftheLatinAmericanand

theCaribbean(LAC)regionareripeforrenewable

energydevelopment.TheLACregionspopulationof

600millionisgrowingat1%peryear,anditsGDP

morethandoubledbetween1990and2013.More

than50millionpeoplehaveworkedtheirwayupthe

socialandincomeladdertojointheregionsmiddle

classinthelastdecade,andthistrendisexpectedto

continue.Nonetheless,percapitaelectricityusagein

theregion,

at

1,987

kWh,

is

still

athird

below

the

worldaverage,and29millionhouseholdsdonot

haveaccesstoresidentialelectricity.

Asaresultofongoingdemographicandsocio

economicstructuralchanges,thedemandfor

electricityintheLACregionwilldoubleby2030and

tripleby2050,accordingtotheEconomic

CommissionforLatinAmericaandtheCaribbean

(ECLAC).Consequently,countriesintheLACregion

willrequiremorethan$350billionofinvestmentin

newpower

generation

assets

between

2013

and

2030tomeetthisdemand.

Thepresentscenarioofstrongelectricitydemand

growth,decreasingcostsforrenewableenergy,

increasingpricesoffossilfuels,thedesireforenergy

security,andconcernsaboutclimatechangeinthe

LACregionpresentsinterestingopportunitiesforthe

expansionofrenewableenergy.Andthereis

significantpotentialforexpandingtheuseof

renewableenergysources,rangingfromextensive

solarand

wind

resources

from

Mexico

to

Argentina,

togeothermalresourcesalongthetectonicallyactive

PacificRim,tobiomassresourcesthroughoutthe

region.Theseenergysourcescanhelpdiversifythe

overallelectricitysupplymixbeyondconventional

optionssuchasfossilfuels.

AccordingtoBloombergNewEnergyFinance(BNEF),

theprivatesectorinvested$92billioninrenewable

energyintheLACregionbetween2008and2013,

including$9.3billionin2013.Intotal,37%ofall

regionalinvestmentsin2013weremadeinBrazil,

followedbyChile(17%),Mexico(16%),andUruguay

(12%).Thebulkofinvestmentwasforwindenergy,

whichaccountedfor60%ofrenewableenergy

investmentintheregionin2013.However,solar

poweris

also

becoming

more

common

in

the

region,

responsiblefor$1.3billionofinvestmentin2013.

Thisinvestmentledtotheinstallationof1GWof

newwindenergycapacityin2013and200MWof

newsolarphotovoltaic(PV)capacity,withthefirst

megawattscalesolarprojectsbeingdeployedin

Chile,Peru,andMexico.

Policymakershavebeencompelledtosetnational

carbonreductionand/orcleanenergyinstallation

goals

and

to

hold

auctions

for

renewable

power

and

biofuelssupplycontractstoattractadditional

investmenttotheregion.Bottlenecksanddifficulties

intermsoflegislation,marketmaturity,andsupply

chainconstraintsarepresent.However,theseissues

arebeingtackledgraduallyastherenewableenergy

industryadvances.Newsourcesoffundingare

increasinglyavailable,includingfromlocaland

multinationaldevelopmentbankssuchastheInter

AmericanDevelopmentBank(IDB),Brazilian

DevelopmentBank(BNDES),andOverseasPrivate

InvestmentCorporation

(OPIC),

as

well

as

foreign

andlocalprivateinvestors.Thesepositivesignals

indicatethattheLACregionwillcontinuetobean

importantlocationforrenewableenergyinvestment

anddeploymentintheyearstocome.


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ABOUTTHEAUTHOR

CamilaRamosisManagingDirectoratCELA Clean

EnergyLatinAmerica,aSoPaulobasedconsulting

andadvisoryfirmsupportingclientstoexplore

opportunitiesintheLatinAmericanrenewable

energymarket,specializinginpolicyanalysis,

fundraising,projectfinance,strategicplanning,and

connectingprojectsandinvestors.Camilaisalsoan

AdvisoryBoardMemberoftheInterAmericanClean

EnergyInstitute,aCaliforniabasedcleanenergy

thinktank.

PriortofoundingCELA,Ms.RamosservedasCountry

ManagerandHeadofLatinAmericaResearchat

BloombergNewEnergyFinance(BNEF). Shewas

alsoMarketingandCommunicationsManagerat

ERB EnergiasRenovveisdoBrasil,aBrazilian

renewable

energy

company.

She

has

also

worked

as

aconsultantatPricewaterhouseCooperswithafocus

onagribusiness.CamilaholdsanMSc.andBSc.from

theLondonSchoolofEconomicsandPoliticalScience

(LSE).


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THE RENEWABLE ENERGY SECTORS NEW

FRONTIER:LATIN AMERICA AND THE CARIBBEAN

Dino

Barajas

AkinGumpStraussHauer&Feld,LLP

WhilemostjurisdictionswithinLatinAmericaand

theCaribbeanbasetheircoreelectricgeneration

assetportfolioonfossilfuels,1renewableenergy

technologiesarenowchangingtheregionalenergy

landscape.Now,wind,solar,hydro,tidal,and

geothermalpowerplantdevelopersarefocusing

effortsontransformingLatinAmericaandthe

Caribbeanintomoreecofriendlypowergenerators.

Asaresult,localgovernmentshavebeenmodifying

electricutilityregulatoryframeworksto

accommodatetheintroductionofrenewableenergy

intoregionalelectricgenerationanddistribution

systems.

Therenewableenergydevelopmentactivity

throughouttheregionhasresultedfromarecent

twoyearperfectstormofglobalenergyevents.

Forexample,windpowerprojectdevelopersand

theirtax

investors

face

tax

policy

uncertainty

in

the

UnitedStates.Theresultisachoppyseriesof

boomandbustdevelopmentcycles.Globalsolar

powerplantdevelopers,whohavebeengaining

somecompetitiveadvantagesasaresultofdeclining

solarpanelandsupplypipelinecosts,weredealta

cripplingblowintheU.S.afterChinesesolarcell

manufacturerswereleviedantidumpingtariffson

productsimportedintotheU.S.Equally,solarpower

developershavealsobeenaffectedintheEuropean

Unionbyathreatofhightariffsbeingimposedon

Chinesemanufacturedsolarpanels.Additionally,

Spain,whichhadbeenadarlingofrenewableenergy

developers,retroactivelylowereditsrenewable

energyfeedintariffsandthrewthecertaintyof

Europesrenewableenergyindustryintoatailspin.

1WiththenotableexceptionsofBrazilandCostaRica

CAPITALIZINGONLATINAMERICANAND

CARIBBEANMARKETSANDPOLICIES

Facedwiththedownturnanduncertaintyinthe

EuropeanandU.S.renewableenergymarkets,many

renewableprojectdevelopersareturningtheir

attentionanddevelopmentdollarstowardLatin

AmericaandtheCaribbean.Theregion,whichhas

beenplaguedwithunnaturallyhighenergy

productioncosts,mostlyduetotheneedfor

expensive,imported,fossilbasedbunkerfueland

diesel,offersamarketwhererenewableenergycan

competedirectly,onatrueeconomicbasiswith

existingpowergenerators,evenwithoutextensive

financialsubsidiesorfeedintariffs;however,

regionalgovernmentsmustbeproactiveandenact

favorablerenewableenergyregulatoryand

integrationpolicies.Thepredictabilityofsuch

marketbasedopportunitiesoffersrenewableenergy

developersalongterm,stabledevelopment

environmentwheresuccessislargelycraftedby

economicopportunitybasedontechnology

competitivenessratherthaneverchangingpolitical

andpublicopinion.

Theintegrationofrenewableenergyintoregional

generationportfolioswillhelpachieveindividual

nationalandregionalsecurity,economicsecurity,

andenvironmentalsecuritythroughtheuseoflocal

renewableenergy

resources.

As

more

and

more

countriesintheregionassertgreatercontrolover

energyproductioncostsviarenewableresources,

susceptibilitytovariancesinimportedfuelpriceswill

beminimized,andregionalenergyintensive

industrieswillemergeasmorecompetitiveona


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globalbasis.Thesebenefitswillalsoallowtheregion

toattractagreatervarietyofindustriestotheir

marketsandpermithighervalue,moreenergy

intensiveprocessestobedonelocally,thusallowing

agreateramountofthevaluechaintoremainat

home.

Somecountriesintheregion,suchasMexico,are

activelycourtingrenewableenergydevelopersby

creatingattractiveregulatorysystemsthatrecognize

theuniquefeaturesofrenewableenergy

production.Forexample,ComisinFederalde

Electricidad(CFE),Mexicosnationalelectricutility,is

addressingissuesofwheelingpower,whichhas

oftenhinderedpastdevelopmentofregional

renewablepowerprojects.CFEspreviouswheeling

structurefailedtoaccountforwindandsolar

powersuniquecharacteristics.CFEwaspenalizing

suchrenewableenergypowerprojectsfornot

producingbaseloadelectricitysupplywithout

considerationoftheactualvalueofrenewablesover

fossilfuelpowerprojects.Today,CFEswheeling

arrangementsbalancetheuniquecharacteristicsof

renewables.CFEhascreatedasystemwherea

renewableenergyprojectcanbankexcessenergy

productionduringperiodswhenanofftakerdoes

notrequireenergyfromtheproject,andallowsthe

usertoaccessthebankedenergyduringperiods

whenthepowerprojectproducesinsufficientenergy

tomeettheusersneeds.Additionally,postage

stampwheelingcharges,earmarkedsolelyfor

renewableenergy,havebenefittedrenewable

energyproduction.Asaresult,buyersofrenewable

powerseeenergysaleratesthatcompeteeffectively

anddirectlywithfossilfuelgeneratedenergy.

LESSONSLEARNEDANDBESTPRACTICES

RenewableenergycompaniesenteringtheLatin

Americanand

Caribbean

markets

are

quickly

learningthatthepotentialrewardsavailableinthe

regionarenotwithouttheirchallenges.Successfully

navigatingjurisdictional,legal,cultural,andbusiness

environmentsisthedeterminingfactorasto

whetheranewmarketentrantcanbesuccessful.

Seeminglysimpletasks,suchassecuringsitecontrol

andpermitting,havebeentheAchillesheelon

numerousprojects.Projectsonthevergeof

achievingfinancinghavecollapseduponthe

discoverythatnegligentorillinformedactionswere

takenduringtheearlystagesofaprojects

development,requiringdeveloperstoredotheir

projects

fundamentals.

Mindfulofthesechallenges,successfulrenewable

energydevelopersintheregionhaveleveragedthe

lessonslearnedfrompreviouslydevelopedprojects

inspecificcountries.Thecomplexproject

contractingandequityinfusionstructuresdeveloped

overthelast20yearsareservingtodaysrenewable

energypioneerswellbyhelpingthemcreatethe

mostefficienttaxstructurespossiblefortheir

projectsand,inturn,preservingtheirprojectsrates

ofreturn.GiventhattheLatinAmericanand

CaribbeanmarketsdonotresembletheU.S.or

Europeanmarkets,knowledgeofthetermsand

structuresofexistingpowerprojectdealsspecificto

theregionisessentialtoachievingearlysuccess.

Additionally,manydevelopershaveformedjoint

ventureswithlocalcompaniestogainmarketlegal

andculturalknowledgewherepossible.Othershave

reassembledtheexternallegalandtechnical

advisoryteamsresponsibleforstructuringearlier

powerprojecttransactionsinordertogainvaluable

marketaccess

and

knowledge.

CONCLUSIONSANDRECOMMENDATIONS

GivenexistinghighfossilbasedLatinAmericanand

Caribbeanenergyprices,renewableenergy

developersenteringtheregionarefindingsomeof

themostlucrativeprojectsanywhereintheworld.

Theultimateresultoftheexpansionofthe

renewableenergyindustrythroughoutLatinAmerica

andtheCaribbeanwillbeawinwinfordevelopers

andinvestors

as

well

as

local

consumers.

For

developers,anexpandedrenewableenergymarket

andincreasedequipmentdemandwillcontinueto

driveinnovationinthemarketandlowerequipment

pricing.Forconsumers,theinclusionofnew

renewableenergypowerprojectsintotheirnational

powergenerationportfolioswillloweroverall

electricitypricesandpromoteincreased


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outages,draconianinflationrates,andsevere,

unsettlingeconomiccontraction.

Poorenergyaccessalsoresultsfromtheinefficient,

insufficient,oroutdatedpowergenerationmodels

oroperationsthatexistinmanyoftheregional

nations.TheInterAmericanDevelopmentBank

predictsthatseveralhundredbilliondollarswillneed

tobeinvestedintheregionsenergysectoroverthe

nextdecadetosatisfydemand,improveormaintain

growth,mitigateclimatechange,andsupply

affordableelectricitytothemajorityofthe

population.Theseneedsrepresentaunique

opportunitytoupgradeelectricityresources.From

generationtotransmissiontodistributionand

operations,theincorporationofrenewablepower

canbeawinwinforallstakeholders.Capitalis

available,andfinancingtoolscanleverage

investmentsandfacilitatewellconceivedprojectsin

placeswithreliableregulatoryandlegalframeworks.

SURMOUNTINGPETROLEUMDEPENDENCY

Insomeregions,suchasCentralAmericaandthe

Caribbean,thedependencyonfossilbasedliquid

fuelstogenerateelectricityhasfosteredeconomic

stagnation,orinsomecases,aregression.Burning

oiltoproduceenergyisamongthemostinefficient

energyproduction

practices

known.

Not

only

making

zeroeconomicsense,theadverseenvironmental

effectsaretragic.Severalregionalnationshavean

excessiveaddictiontoafossilbasedliquidfuelhabit

thatsiphonstremendouswealthfromtheir

economiesandratepayerswhiledestroyingtheir

environmentalhealth.Contrastsuchpracticeswith

thoseoftheU.S.,wherelessthanonepercentofthe

country'senergygenerationcomesfromburningoil.

Petrocaribe,theinitiativebeguntenyearsagoby

Venezuela'snationalstateoilmonopoly(PdVESA)to

createan

oil

alliance

with

many

Caribbean

states,

mayhaveappearedtoassistsomeofitsaffiliated

countries(clients)intheshortterm;butatitscore,

itisapoliticaltooltoensuresubsidizeddeliveriesof

expensivefuels,anevenlessreliablemechanism

todaygiventhedecliningproductionofPdVESAand

thepoliticalturmoilinVenezuela.

Ironically,twooftheleastefficientenergygrids

happentobeinsideU.S.borders:PuertoRicoand

theU.S.VirginIslands.Theseisolatedislandsystems

dependonburningoilforover70%oftheir

generation.Itisnosurprisethenthatboth

economies

remain

economically

burdened

while

manyoftheirneighborshaveexperiencedemergent

orsustainedgrowth.Withratesrangingfrom29

centsperkWhinthecaseofthePuertoRicoElectric

&PowerAuthority(PREPA)and45centsperkWh

chargedbytheVirginIslandsWater&Power

Authority(WAPA),itisnearlyimpossibletofoster

economicgrowth.

Withoilpriceshoveringatabout$100perbarrel

nowandinthefuture,theeconomicsare

detrimentaltoanynationtosurrenderitsenergy

presentandfuturetooil,aswellasimprudentfora

regionalnationsenvironmentalwellbeing.The

problembecomesmorevividwithasidebyside

comparisonofenergypricesindeveloped

economies,inpartbecauseinordertomeasurethe

realandcompleteadverseeffects,onemust

considerthe"purchasingpowerparity"(PPP)ofa

nationsratepayersrelativetonationalpercapita

GDP.Inrealandabsoluteterms,mostratepayersin

theCaribbeanbasinarepaying47timesmorefor

electricitythanratepayersintheU.S.Tobeginwith,

thefamilyorbusinessthatissubjecttothe35cents

perkWhcostforelectricityinadevelopingisland

nationwouldbepayingabout10centsperkWhin

TexasorMaryland.Butinaddition,theislanders

haveaPPPthatislessthan50%oftheir

counterpartsintheU.S.Ineffect,theislandersare

payingtheequivalentofabout400500%morefor

thesameamountofenergyconsumedbypeoplein

theU.S.Thisisthesituationtoday,whetheryouare

aclientofWAPA,PREPA,theCDEEEinthe

Dominican

Republic,

or

elsewhere.

SEIZINGMARKETOPPORTUNITIES

Withsuchamarkedcontrasthavingrealandvery

detrimentaleffectsonpeopleandbusinesses,the

onlywayoutofthissocioeconomicenigmaisto

pushforwardwithgamechangingrenewableenergy

strategies.


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Allcountrieshaveatleastpartialenergywealth

throughtheabilitytoexploitrenewablepower,beit

hydro,solar,wind,geothermal,biomass,orallofthe

above.Thepeopleandtheirelectedofficialsare

responsibleforoptimizingsuchnaturalresources.

While

some

assert

that

it

is

very

difficult

to

incorporatesignificantrenewablepowerinisland

jurisdictions,thefactsdemonstrateotherwise.Afew

yearsago,theHawaiianarchipelagoadoptedan

ambitiousyetfeasiblegoalofdiversifyingits

generationmatrixonafasttrackbasis.Thusfar,

Hawaiisplanisaheadofscheduleandreaching

tangibleeconomicandenvironmentalbenefits.

TakethecaseofChile;itseconomyhasgrownby

leapsandboundsoverthelasttwodecades.Official

estimatesindicatethatthecountryneedsto

increaseitspresentenergyoutputby100%during

thenexteighttotenyearstokeepupwithdemand,

meaningChile'senergymatrixneedstobevery

quicklyduplicated.Toachievethisreality,authorities

have,ofnecessity,fasttrackedenergydevelopment

madetheinclusionofunconventional,renewable

energysources(i.e.,virtuallyallrenewablesexcept

traditionalbighydro)atopnationalpriority.Hence,

Chilesemergingbutrobustgreenpowersectoris

expectedtoexperienceover60%growthin2014.

Gridconnectedprojectsinthepipelinewilladd

approximately650750MWofnewrenewable

power,foratotalinstalledcapacityofabout1,800

MW.Inaddition,considerabledeploymentofoff

gridrenewableenergyistakingplacevia

freestandingprojectsthatsupportcriticaleconomic

activities,includingtheuseofsolarphotovoltaics

(PV)atminingsitesandbiomassandsmallhydroin

forestryandagriculturaloperations.

Changeisheretostay.IntheCaribbean,theCDEEE

isimplementingaplantoincorporateover2,000

MWinnewgenerationwhilerestructuringitsfuels

matrix,significantlyaddingrenewableenergy,but

alsoincludingimportednaturalgasandcoal.The

endresultwillbetogrowandstabilizeboththe

nationalgridandprices.Otherregionalnationsare

takingthejumpintothefutureaswell.Uruguayhad

virtuallyzerounconventional,renewablepower

installationsin2011.Bytheendofthisyear,itwill

haveover700MWofnewwindandsolarPV

capacityinstalled.Noteworthyisthefactthat

Uruguaysstrategyisbeingimplemented100%via

privateinvestments.

Gamechangingstrategiesarerealistic.Renewable

energydeploymentinEurope,theU.S.,andCanada

haveproventobesmartpoliciesandgoodeconomic

choices.China,SouthAfrica,Chile,andotherfast

pacedeconomiesareadoptingaggressivemetricsto

installseveralthousandgigawattsofrenewable

energyoverthenextfewyears.Nowisthetimefor

LatinAmericaandtheCaribbeantoleapforwardand

advancethissustainabletrend.Thepublicand

privatesectorsoughttoworktogetherinthiscritical

endeavortocomplementandsupporteachother.

Governmentscanleverageprivatecapitalandfoster

directinvestmentsingenerationandtechnology

transfer.Usingprivatesectorfundsfornewsmart

andrenewablegeneration,thepublicsectorcan

liberateresourcestoinvestintransmissionand

distribution,andotherareasincludingsocial

prioritiessuchaslow andmediumincome

renewablefinancetools.

Globally,technologiesareeverimprovingand

achievinggridparityinmanylocations.AkWh

generatedby

petroleum

may

cost

over

30

cents;

however,akWhproducedbyrenewableresources

averagesroughly50%less.Moreover,advancesin

storagetechnologies,betterefficiencyratiosin

equipment,andsmartmetering,amongseveral

othertechnologies,reinforcetheeconomicsecurity

ofincorporatingrenewablepowerintoLACnational

grids.

CONCLUSION

Amidstall

the

changes

in

the

LAC

energy

landscape,

onethingisfairlycertain:renewablepowersources

arepredictable,sustainable,affordable,andreadyto

bedeployed.Smarttechnologiesarenowareality,

financingoptionsareattractive,andadistributed

generationandmicrogridrevolutionlookstobethe

nextbigmarketdriver.Suchindicators,conditions,

anddevelopmentsareagreatharbingerforLatin


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AmericaandCaribbean.Formostregionalnations,

renewableenergyportfoliosofbetween3040%by

2020aredoable.Meanwhile,shortterm,feasible

goalssuchas1520%oftotaldeployedrenewable

powerby2017mustbeapriority,and

achievement

of

that

goal

would

be

quite

a

game

changer.

ABOUTTHEAUTHORS

Dentonsisaglobalfirmdriventoprovidea

competitiveedgeinanincreasinglycomplexand

interconnectedworld.ItwasformedinMarch2013

bythecombinationofinternationallawfirmSalans

LLP,CanadianlawfirmFraserMilnerCasgrainLLP

(FMC),andinternationallawfirmSNRDenton.

Dentons'clientsbenefitfromapproximately2,600

lawyersand

professionals

in

more

than

75

locations

spanning50pluscountriesacrossAfrica,AsiaPacific,

Canada,CentralAsia,Europe,theMiddleEast,

RussiaandtheCIS,theUK,andtheU.S.whoare

committedtochallengethestatusquoandoffer

creative,dynamicbusinessandlegalsolutions.

JuanCarlosIturreguiisaSeniorAdvisoratDentons,

basedinWashington,D.C.Heisanaccomplished

attorney,entrepreneur, andpublicpolicy

professionalwithtwodecadesofWashingtonand

internationalexperience.

He

has

practical

experience

andyearsofworkingwithdiverseclients,colleagues,

andinterestsinbothpublicandprivatesectors.Juan

Carloshasakeenunderstandingoftheinteractions

andinterconnectionsamonggovernments,

multilateralentities,stakeholders,andspecial

interestsintheformulationandexecutionofpublic

policyandprojects,withparticularfocusonthe

globaltrade,commerce,energy,renewables,and

infrastructuresectors.Hetravelsextensively

throughoutLatinAmericaandtheCaribbeanandhas

beenacommittedadvocateforcloserintegration

andnorthsouthcommercialtiesformanyyears.He

obtained

his

BA

in

Political

Science

from

the

UniversityofMassachusettsinAmherst,andhisJD

fromtheCatholicUniversityofAmericain

Washington.JuanCarlosspeaksSpanishandEnglish.

SydneyMcNiffJohnsonisaPrincipalatDentons,

basedinWashington,D.C.Sydneyhasoverthirty

yearsofenergypolicyexperience,startingonCapitol

HillwithCongressmanPeteMcCloskey(RCA)in

1978asEnergyandEnvironmentalLegislative

Assistant.SydneyworksintheDentonsEnergy

Practiceonprojectmanagementforalternative

energyandtraditionalenergyclients,aswellas

strategiccommunicationsstrategiestoincrease

clientvisibilityanddirectpublicopinionwithin

governmentandcommercialsectors.Shealso

advisesclientsoncurrentenergypolicyissues.

SydneyconsultswithCEOsandseniormanagement

teamstomakelongtermbusinessdecisionstohelp

bringproductstoalargermarketplace.Sheisskilled

inevaluatingthegovernmentrelationsstrategyand

publicrelationseffortsofacompanytoultimately

increaseshareholdervalue.Sydneyservesonthe

LeadershipCouncilofACORE,theBoardofDirectors

oftheWomen'sCouncilonEnergyandEnvironment

(WCEE),andisamemberoftheChairman'sCouncil

ofConservationInternational.Sydneyobtainedher

BAinPoliticalEconomicsfromtheColoradoCollege

andspeaksEnglishandFrench.

ACORE: Renewable Energy in Latin America and the Caribbean (2014)

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