Cuba Turns to Foreign Investors as Cheap Venezuelan Oil Fades



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Bloomberg

Nearly two years after presidents Barack Obama and Raul Castro announced a thaw in relations, Cuba’s communist government is turning to foreign investors to boost renewable energy as it faces cutbacks in cheap oil imports from Venezuela.

The government formed by Fidel Castro in 1959 and led by his brother, Raul, is pitching large wind and solar projects and biomass plants that run on sugar cane to foreign companies at conferences like one opening Thursday in Havana. The goal: Bring billions of dollars into sectors that until recently were controlled by state-run entities, and lift the amount of electricity produced by renewables to 24 percent by 2030 from 4 percent today.