Chief Financial Officer of the Deltro Group, Dean Del Mastro speaking about the solar farm, while (at left) Managing Director of MAG Construction Mark Griffith and Registered Engineer Omar Alahar listen.
Renewable energy growth potential
Sun, 07/31/2016 - 12:00am
This island’s renewable energy sector has the largest room for growth, with the potential of generating hundreds of millions of dollars for the economy.
Sharing this opinion, Chief Financial Officer of the Deltro Group, Dean Del Mastro said that with the creation of jobs and the exportation of products and services, the manufacturing facility of Deltro Solar will help to boost this country’s foreign exchange.
“This will be a major export business generating US$115 million in sales at the start up. We envision that growing dramatically from there. What does that do for your foreign exchange? All of our sales are in US dollars but we are paying our expenses locally to our workers, to our suppliers in Barbados dollars. It dramatically improves the foreign exchange situation here in Barbados and we are going to expand,” he stated.
Saying that the facility will be a showpiece to the entire Caribbean, Central and South America, he outlined that Barbados would be positioned as a regional centre of excellence.
“We are going to create jobs, we are going to create economic growth, we are going to lead on renewable energy and we are going to do it all here in Barbados,” Del Mastro told those gathered at the National Conservation Commission headquarters for a recent town hall meeting.
According to him, the island is a great one for setting up a business, noting for example that there is significant potential for Barbados in electric cars.
“If you look at energy use in Barbados it used to be higher, and if we want to talk about the future and its potential we need to talk about how the transportation sector can get onto electricity and off of oil – which by the way would be tremendously expansionary – and we need to have a programme. You cannot have a 35 per cent tariff on a green car. So maybe that is something that we can begin to talk about in the future,” he added. (JMB)