The President of the Government announced today an investment of about 88 million Euros in the renewable energy sector between 2016 and 2019, which evidences the strategic importance of this sector to progress and future sustainability of the Region.

"For the next four years, the investment in renewable energy will be about 88 million Euros. This significant amount evidences the importance of the sector in terms of the strategic perspective we are following to ensure our future development," said Vasco Cordeiro.

The President of the Government spoke at the opening of the expansion and rehabilitation works of the Hydroelectric Power Plant in Além Fazenda on the island of Flores, an investment of nearly four million Euros.

At the ceremony, held under the Regional Government's statutory visit to this island, Vasco Cordeiro revealed that the overall investment includes a 53 million-Euro investment in geothermal energy, while the remaining 35 million Euros will be allocated to the hydroelectric sector.

"After the execution of these investments in endogenous energy sources throughout the archipelago, it will be possible to reach a penetration rate of about 56.7 percent in the Region," said the President of the Government.

As for the investment in the hydroelectric sector, the Government of the Azores intends to move forward with the construction of the new Hydroelectric Plant in Ribeira Grande, Flores Island. By 2017, this plant will have the capacity to reach an expected annual average over 5 GWh of power generation from renewable sources, with penetration rate of around 80% on this island.

Moreover, the President of the Government stressed that the international indices of renewable energy penetration in the Region have more than doubled; it has already reached 36.3% at a time when the report on "Renewable Energy Progress and Biofuel Sustainability" points out that penetration rate of renewable energy sources in the European Union is at 15.3%.

"This information is important insofar as it encourages us to continue our efforts and demonstrates what we can do. It also points out the need to continue investing in this area, not only to ensure the compliance with international standards, but also to consolidate the path of progress and sustainability of the Region we want to be in the future," said Vasco Cordeiro.

In his speech, the President of the Government defended, on the other hand, the "absolute need" to expand the increasingly profitable sectors related to the Region's endogenous resources, similar to what happens in energy production, in order to transform and turn them into factors of progress and development.
 
"From a strategic standpoint, this is what the Government has been doing with regard the goals set for energy policies as well as for the incentive schemes for private investment," said Vasco Cordeiro.

With the completion of the works opened today on Flores, it will be possible to increase the share of renewable energy production in the Azores in the coming year to a 37% penetration rate of 'green energy,' thus reaching a figure never before achieved in the regional context.