Renewstable Barbados Project

  • Mitigation
  • Approved
Date approved
25 Oct 2023
ESS Category
Category A
Financing
Private sector
Entity
International Finance Corporation

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

Project timeline

  • Pipeline

    306 days

    • Concept note received

    • Funding proposal received

    • Cleared by GCF Secretariat

    • Cleared by iTAP

  • Approved

    965 days so far

    • Approved by GCF Board

  • Under implementation

    Not started

  • To be completed

    Not started

  • Total project value $ 169 million

  • 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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