Renewable energy is a key offering to attract investment in other industries, says Mainstream chief

Abundant renewable energy has become part of a country’s ‘competitive edge’ in attracting inward investmen including manufacturing, according to Mainstream Renewable Power’s Andy Kinsella.

In an exclusive interview with New Power Report, Kinsella has two examples of renewables as a bargaining chip. He says that in Chile, mining company BHP Billiton is out to tender because the company “wants to get all their power from renewables by 2024 and the size of their TWh contract means they will need 2.5-3GW of renewable plant to deliver it. Here is a traditional mining heavy industry that is recognising that it is certainly not climate change and emissions friendly….That is a $3-4 billion capital spend on renewables and that is just one company.”

Meanwhile Vietnam is increasing its PV installed capacity tenfold. Kinsella says companies looking to site their facilities in the country, “Have told the government there that they want to source all their power from renewables or they are not staying. That’s the kind of pressure that is coming for foreign direct investment … if they don’t put the regimes and the policies and the licensing in these companies will just up sticks. They will go to India or China where they can get renewables. It is becoming a competitive edge and a necessity to grow your economy.”

Find out what Kinsella had to say about the UK’s renewables offer: read the full interview: New Power Report 126 August 2019 Mainstream