CDB helps finance Vincent and the Grenadines solar project
The Caribbean Development Bank is supporting St. Vincent and the Grenadines’ push to expand and increase its range of renewable energy options through a planned solar energy project.
The lender approved financing of $8.6 million to St. Vincent Electricity Services for the supply and installation of solar photovoltaic systems at buildings owned by VINLEC in the vicinity of the Argyle International Airport.
The funding will also cover the establishment of a battery energy storage system (BESS) to be installed at the Cane Hall sub-station. The solar PV systems will displace some of the diesel fuel used for electricity generation.
Of the financing, $5.45 million will be a loan, of which $2.03 million will be drawn from resources provided by the European Investment Bank under the Second Climate Action Line of Credit .
A total of $3.16 million will be grant funding under the Sustainable Energy for the Easter Caribbean Programme, comprised of €1.6 million ($1.96 million) from resources provided by the European Union Caribbean Investment Facility and £902,000 ($1.2 million) from resources provided by the UK government.
The total cost of the project is estimated at $10.2 million with the government of St. Vincent and the Grenadines contributing the remaining $1.5 million.
