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Dominican R.Rusconi, Valdez, Medina & Asociados- Central Law supports renewable energy projects by assisting in the drafting of related incentive legislative package.
Luis A. Medina, partner of Rusconi, Valdez, Medina & Asociados Central-Law, was appointed as the lead counsel of a special legislative initiative conformed by key players of public and private sectors for the drafting of an incentive legislative package to promote more incentives towards the development of renewable energy projects in the country. Since the topic of renewable energy projects is nowadays attracting more and more players, the development of this project involved different stages. As a first step, Mr. Medina held multiple meetings with key players in the field, during which he explored their needs, considered their comments and suggestions on this matter, and analyzed the flaws that made the currents law less applicable to the country´s reality and to international banking demands.
Mr. Medina experience in the fields of development of Natural Resources, Energy, and Environment matters goes beyond 12 years. Before his private practice, he was an in-house lawyer for an international development agency for almost 5 years. This accumulative experience contributed to address quickly the aspects that needed correction on the current incentive law, and among the experts co-participating in the legislative effort consensus was reached soon to build adequate structured amendments in order to improve and increase the promotion of projects for renewable energy in the country.
The draft bill took into consideration best practices in many countries, and the end-product contemplates reforms to the electricity law and the Incentive Law for the Development of Renewable Energies that was enacted in November 2007. The legislative group assisted by Mr. Medina has now a draft proposal that is more suitable to obtain financing, and it surely will expedite electricity generation initiatives in the Hydro, Geothermal, Wind, Solar, and Biomass fields.
Many new players in this industry are considering innovative projects. “We believe that this effort will help many Salvadoran companies, which are looking to improve their line of production, and also to collaborate with new ways to improve El Salvador’s environment with the help of new technologies, and the increasing use of renewable energies. This will eventually evolve into a model industry that will provide a more healthier and socially responsible way to create and distribute energy”, Mr. Medina recently commented.
This new project will not only be helpful to the private sector, but will also allow El Salvador to decrease dependency on fuel-oil energy. For more information, please call (503)22413600 or contact us at: lamedina@ruvalaw.com.sv; lamedina@central-law.com