This article was written by Oilprice.com -- the leading provider of energy news in the world. Also check out these recent articles:
Billionaire Richard Branson's Necker Island for the rich and famous will go 75% renewable energy, with solar, wind, and smart-technology energy storage in a massive new project dubbed "Demo Island."
The project is being led by NRG Energy and Branson's Virgin Limited Edition luxury resort group, and is called "Demo Island" because it intends to be the first example of breaking the dependency of expensive, luxurious Caribbean islands on fossil fuels, particularly diesel.
The Caribbean region has vast renewable resources but very low energy security and currently gets most all of its energy from plants burning imported oil and diesel.
The project is the brainchild of Branson's "Carbon War Room," which in working on the "Ten Island Challenge," of which Necker Island is only the first target.
"While small compared to island nations, Necker is an ideal 'guinea pig' for the Carbon War Room's Ten Island Challenge and will be able to show the potential of 'state-of-the-art' technologies in renewable energy," Branson said in a statement.
According to NRG CEO David Crane, "retail electricity prices in the Caribbean are among the highest in the world, hindering economic development, job creation, and quality of life."
NRG will deliver a "renewables-driven micro-grid" to Necker Island, a small island of only 74 acres in the British Virgin Islands. The entire island can be rented out for a whopping $60,000 per night.
No specific details on the new micro-grid have been released yet.
On Feb. 4, the Necker Island "eco-resort" played host to a three-day renewable energy summit for Caribbean politicians and renewable-power experts. Political delegations from 13 countries and territories attended.
"We're hoping to get a number of islands to sign up to get as carbon-neutral as they can over the next few years," Branson told the Associated Press in a phone interview from Necker.
America's energy boom is far from over
Record oil and natural gas production is revolutionizing the United States' energy position. Finding the right plays while historic amounts of capital expenditures are flooding the industry will pad your investment nest egg. For this reason, the Motley Fool is offering a comprehensive look at three energy companies set to soar during this transformation in the energy industry. To find out which three companies are spreading their wings, check out the special free report, "3 Stocks for the American Energy Bonanza." Don't miss out on this timely opportunity; click here to access your report -- it's absolutely free.
Written by Charles Kennedy at Oilprice.com.
The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.