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.
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 - 395 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
-
Financing
- Private sector
- Public sector
-
Size
- Micro
- Small
- Medium
- Large
GCF financing
Instrument | Amount |
---|---|
Loan | USD 40,000,000 |
Grant | USD 1,000,000 |
Total GCF Financing |
---|
USD 41,000,000 |
Co-financing
Co-financer | Instrument | Amount |
---|---|---|
Co-Financing | Equity | USD 43,000,000 |
Co-Financing | Loan | USD 15,000,000 |
Co-Financing | Loan | USD 15,000,000 |
Co-Financing | Loan | USD 55,000,000 |
Total Co-Financing |
---|
USD 128,000,000 |
GCF Contacts
General media inquiries
GCF CommunicationsSend e-mail
Request for information
GCF Information DisclosureRequest 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
Entity
International Finance Corporation
Head, Blended Climate Finance
2121 Pennsylvania Ave NW, Washington, D.C., United States
Operations Officer
2121 Pennsylvania Ave NW, Washington, D.C., United States
More contacts
National Designated Authority
Economic Affairs and Investment Division Ministry of Finance, Economic Affairs and Investment
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
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
Director, Roofs to Reefs Programme (R2RP), Prime Minister’s Office
Government Headquarters Bay Street St. Michael, Barbados
Chief Economist, Economic Affairs and Investment Division, Ministry of Finance, Economic Affairs and Investment
Economist I, Economic Affairs and Investment Division, Ministry of Finance, Economic Affairs and Investment
Secretary to the Minister, Economic Affairs and Investment Division, Ministry of Finance, Economic Affairs and Investment
Documents
Title | Type | Date |
---|---|---|
Renewstable Barbados Project | Approved funding proposal | 24 Nov 2023 |
Gender action plan for FP224: Renewstable Barbados Project | Gender action plan | 25 Oct 2023 |
Gender assessment for FP224: Renewstable Barbados Project | Gender assessment | 25 Oct 2023 |
Environmental and social safeguards (ESS) report for FP224: Renewstable Barbados Project | Environmental and Social Safeguards report | 18 Sep 2023 |