Barbados Project Notice - Renewstable Barbados Project


Project Notice

PNR 57835
Project Name Renewstable Barbados Project
Project Detail 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.
Funded By International Finance Corporation (IFC)
Sector Energy & Power
Country Barbados , Caribbean
Project Value BBD 169,000,000

Contact Information

Company Name International Finance Corporation (IFC)
Address Ms. Kruskaia Sierra-Escalante PRIMARY Head, Blended Climate Finance 2121 Pennsylvania Ave NW, Washington, D.C., United States PHONE +1 (202) 473-3440
Web Site https://www.greenclimate.fund/project/fp224

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