Venezuela Signs Green Energy Deal with Portugal

26 October 2010 (Last Updated October 26th, 2010 18:30)

Venezuelan President Hugo Chavez has signed agreements with Portugal to develop renewable energy projects aimed at replacing the country's dominant oil industry. "This type of energy is the future – we have to start getting ready for the post-oil era," Chavez said. Venezuela h

Venezuelan President Hugo Chavez has signed agreements with Portugal to develop renewable energy projects aimed at replacing the country's dominant oil industry.

"This type of energy is the future – we have to start getting ready for the post-oil era," Chavez said.

Venezuela has plans to develop wind energy projects at four sites in the country and to increase oil sales to Portugal, however, details of the green energy agreement were not disclosed.

The country will receive its first wind farm, which is expected to produce 100MW electricity by 2015, according to REVE.