$30m IADB loan will boost renewable energy in Barbados
Barbados will reduce its dependence on imported fossil fuels by increasing the investment in renewable energy capacity and energy efficiency with $30 million loan approved by the Inter-American Development Bank.
The IADB credit line loan is $30 million for a 24-year term, with 6.5 years period of grace and an interest rate based on LIBOR. The operation also contains an investment grant of $15.4 million from the European Union-EU, Caribbean Investment Facility.
The Sustainable Energy Investment Program complements the first phase of this program. The Smart Fund I focused on developing financial instruments along with technical assistance to promote the introduction of renewable energy and energy efficiency measures in small and medium-sized enterprises. T
he project will finance the expansion of the government’s electric vehicle fleet, including charging infrastructure It will also complement the electromobility pilot program currently being implemented in the country with the IDB support.
The IDB Smart Fund II program intends to install at least 11MW of distributed generation in public buildings, invest in efficient and smart technologies during the execution period.
