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Abstract
Multiple international and local conditions have led Puerto Rico (PR) to the urgent development of renewable energy (RE). But in the middle of a deep economic crisis, it is imperative to create an attractive environment for private investment in renewable energy on an industrial scale (REIS). The PR‘s emerging renewable energy market experience may be beneficial to other countries with similar conditions. With the use of semi-structured interviews, this article explores the opinions and perceptions that REIS pioneers formulated from their experience in a new market with distinct conditions. RE market acceptance was studied using, as key concepts, the market's failures, barriers, and risks that the companies have to consider before making the decision to invest. The findings of this research positions Puerto Rico as an attractive investment location with excellent opportunities, however, deficiencies in agreements regarding the interconnection to the grid, and PR‘s inability to make decisions related to economic incentives may adversely impact the "hot spot" position that PR currently has. The study concluded that by 2013, suitable conditions existed in international and local markets for investors to venture into this type of project, however, if even one of the components that integrate this type of project, such as interconnection (Minimum Technical Requirements) is unfavorable for investors or poorly managed, this could be detrimental to market growth.Copyright Notice:
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