FP224

Renewstable Barbados Project

Renewstable Barbados Project

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. 

Total project value

 

Tonnes of emissions avoided

 

Theme

Mitigation

Result areas

Project timeline

Pipeline

24 Dec 2022 - 306 days

Concept note received

24 Dec 2022

Funding proposal received

19 Jun 2023

Cleared by GCF Secretariat

11 Aug 2023

Cleared by iTAP

02 Oct 2023

Approved

25 Oct 2023 - 211 days so far

Approved by GCF Board

25 Oct 2023

Under implementation

To be completed

One region

  • Latin America and the Caribbean

One country

One priority group

  • Small Island Developing States
USD  
  • Financing
    • Private sector
    • Public sector
  • Size
    • Micro
    • Small
    • Medium
    • Large

GCF financing

InstrumentAmount
LoanUSD 40,000,000
GrantUSD 1,000,000
Total GCF Financing
USD 41,000,000

Co-financing

Co-financerInstrumentAmount
Co-FinancingEquityUSD 43,000,000
Co-FinancingLoanUSD 15,000,000
Co-FinancingLoanUSD 15,000,000
Co-FinancingLoanUSD 55,000,000
Total Co-Financing
USD 128,000,000

GCF Contacts

General media inquiries

GCF Communications
Send e-mail

Request for information

GCF Information Disclosure
Request information about this project

Project complaints and grievances

GCF Independent Redress Mechanism (IRM)
Phone +82 32 458 6186 (KST)
File a complaint

Integrity issues

GCF Independent Integrity Unity (IIU)
Phone +82 32 458 6714 (KST)
Send e-mail

Accredited Entity

International Finance Corporation
Ms. Kruskaia Sierra-Escalante
Primary

Head, Blended Climate Finance
2121 Pennsylvania Ave NW, Washington, D.C., United States
Phone +1 (202) 473-3440
KSierraescalante@ifc.org
Mr. Jussi Lehmusvaara
Secondary

Operations Officer
2121 Pennsylvania Ave NW, Washington, D.C., United States
Phone +1 (202) 473-4902
Phone +1 202 855 3984
jlehmusvaara@ifc.org
More contacts

National Designated Authority

Barbados
Economic Affairs and Investment Division Ministry of Finance, Economic Affairs and Investment
Senator the Honourable Chad Blackman Primary
Minister in the Ministry of Finance, Economic Affairs and Investment (Economic Affairs and Investment Division)
3rd Floor East, Warrens Office Complex Warrens, St Michael, Barbados
Phone 1 246 535-1302/1 246 535-1317
chad.blackman@barbados.gov.bb
Mrs. Betty Alleyne-Headley Secondary
Permanent Secretary, Economic Affairs and Investment Division, Ministry of Finance, Economic Affairs and Investment
3rd Floor East, Warrens Office Complex, Warrens St. Michael, St. Michael, Barbados
Phone 535-1304/535-1326
Betty.Alleyne-Headley@barbados.gov.bb
Mr. Ricardo Marshall Operational focal point
Director, Roofs to Reefs Programme (R2RP), Prime Minister’s Office
Government Headquarters Bay Street St. Michael, Barbados
Mr. Ronnie Griffith Operational focal point
Chief Economist, Economic Affairs and Investment Division, Ministry of Finance, Economic Affairs and Investment
Ms. Richelle Gaskin Operational focal point
Economist I, Economic Affairs and Investment Division, Ministry of Finance, Economic Affairs and Investment
Ms. Sharifa Roach-Vaughan Operational focal point
Secretary to the Minister, Economic Affairs and Investment Division, Ministry of Finance, Economic Affairs and Investment

Documents