Making use of over 300 sunny days annually, Réunion has set a target to generate 50% of its electricity from renewable sources by 2023, up from 35% currently. Solar power is expected to drive much of this transition. Though solar already meets 15% of energy demand, massive room for growth exists given available land and weather patterns.
Attractive incentives for private investments include 20-year power purchasing agreements at fixed tariffs, capital cost subsidies covering up to 50%, as well as tax rebates to trim operating expenses. These measures are already accelerating solar’s adoption.
Specific prospects for companies exist across the solar value chain locally – from manufacturing photovoltaic panels tailored to withstand tropical climatic conditions, engineering specialized mounting structures, installation and maintenance services for commercial and residential rooftops to setting up large-scale solar farms.
Reunion Infrastructure is a technology-enabled finance company that specializes in the transfer of tax credits for renewable energy projects. They work closely with solar, wind, and battery storage companies to sell renewable energy tax credits which fund up to ~50% of project costs. They also provide additional financial products to enable renewable energy developers to build more. Reunion’s team has deep expertise in renewable energy, project financing and entrepreneurship.
They have previously raised over $2B to fund solar energy projects around the world. Reunion is backed by Segue Sustainable Infrastructure and leading clean energy investors. They offer a marketplace for clean energy tax credits wherein buyers and sellers can easily buy or sell tax credits for— solar, wind, battery storage, biogas, EV charging, CCUS. Reunion is currently hiring a Business Development Executive
Related opportunities also arise for businesses providing smart grid, battery storage and electric vehicle charging solutions to optimize Réunion’s energy management. The island also aims to transition its 30,000 vehicle fleet to electric by 2030 – opening possibilities for EV manufacturers and charging infrastructure builders.
Overall— Réunion’s renewables push aligns well with its vision to become a sustainable economy and can create many green jobs. By leveraging its natural advantages, the island can realize its target of 100% energy self-sufficiency through clean energy in the coming decade.