Overview
Barbados currently relies on imported fossil fuels for around 95 per cent of its power generation. This dependence not only makes the country vulnerable to oil price fluctuations, but also contributes to nearly one-third of its greenhouse gas (GHG) emissions. Residents of Barbados, recognised as a Small Island Developing State, currently pay almost twice the retail price for energy compared with the regional average in the broader Latin American & Caribbean area. At the same time, the centralised electricity grid, powered by fossil fuels, remain susceptible to hurricanes and tropical storms, which are becoming more frequent in the region.
The Government of Barbados has set an ambitious target of 44 per cent reduction of GHG emissions against its business-as-usual scenario by 2030 as part of its Nationally Determined Contributions. It also aims for the complete transition to renewable energy by 2030 under its National Energy Policy. The Renewstable Barbados Project is expected to contribute to achieving these goals by introducing a 24-hour dispatchable climate-resilient baseload solution for Barbados. The power system will consist of a solar power plant, a battery storage system, a hydrogen storage with electrolysis system, and fuel cells. These steps will pave the way for a more sustainable and climate-resilient economy to the benefit of the Barbadian people.
Result areas
Countries
Regions
Priority groups
Project timeline
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Pipeline
306 days
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Concept note received
-
Funding proposal received
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Cleared by GCF Secretariat
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Cleared by iTAP
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Approved
965 days so far
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Approved by GCF Board
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Under implementation
Not started
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To be completed
Not started
Other Data
- Size
- Medium
- Project number
- FP224
- Risk category
- Category A
- Subtype
- Private sector
- Theme
- Mitigation
- Group
- Small Island Developing States
- Status
- Approved
- Duration
- 2
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Total project value $ 169 million
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Tonnes of CO2 equivalent avoided 693 thousand
Financing
GCF-financing
0.0%
USD
Co-financing
0.0%
USD
USD 169
million
Show details
GCF-financing
- Loan USD 40,000,000
- Grant USD 1,000,000
- Total GCF-financing USD 41,000,000
Co-financing
- Equity USD 43,000,000
- Loan USD 15,000,000
- Loan USD 15,000,000
- Loan USD 55,000,000
- Total co-financing USD 128,000,000
Documents
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Renewstable Barbados Project
- Approved funding proposal
- 24 Nov 2023
- IFC
- FP224
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Gender assessment for FP224: Renewstable Barbados Project
- Gender assessment
- 25 Oct 2023
- IFC
- FP224
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Gender action plan for FP224: Renewstable Barbados Project
- Gender action plan
- 25 Oct 2023
- IFC
- FP224
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Environmental and social safeguards (ESS) report for FP224: Renewstable Barbados Project
- Environmental and Social Safeguards report
- 18 Sep 2023
- IFC
- FP224
Project contacts
Find the appropriate contacts for this project, including partner organizations and responsible entities.
See contact details
Project contacts
Entity info
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Ms. Naomi Rono
Primary
Operations Officer Partnerships & Blended Finance Department
2121 Pennsylvania Avenue, NW, Washington, DC, United States
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Mr. Friedemann Roy
Secondary
Senior Operations Officer
2121 Pennsylvania Avenue, NW, Washington, DC, United States
GCF team
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Press enquiries and interviews
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GCF Communications
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Request for information
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GCF Information Disclosure
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Project complaints and grievances
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GCF Independent Redress Mechanism (IRM)
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Integrity issues
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GCF Independent Integrity Unity (IIU)
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National Designated Authority
Ministry of Economic Affairs and Development (Barbados)
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The Hon. Marsha Caddle, M.P.
Primary
Minister, Prime Minister's Office
3rd Floor East, Warrens Office Complex Warrens, St. Michael, Barbados
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Mrs. Jennifer Hunte
Secondary
Permanent Secretary (Ag.)
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Mr. Ricardo Marshall
Operational Focal Point
Director, Roofs to Reefs Programme (R2RP), Prime Minister’s Office
Government Headquarters Bay Street St. Michael, Barbados
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Ms. Richelle Gaskin
Operational Focal Point
Economist I, Economic Affairs and Investment Division, Ministry of Finance, Economic Affairs and Investment
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Mr. Ronnie Griffith
Operational Focal Point
Chief Economist, Economic Affairs and Investment Division, Ministry of Finance, Economic Affairs and Investment
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Ms. Sharifa Roach-Vaughan
Operational Focal Point
Secretary to the Minister, Economic Affairs and Investment Division, Ministry of Finance, Economic Affairs and Investment