Barbados hires IFC to advise on first utility-scale wind project

The government of Barbados has selected International Finance Corporation (IFC) as a lead transaction adviser as the Caribbean country is looking to build its first utility-scale onshore wind farm with a projected capacity of 30-50 MW.

The partnership agreement between Barbados and IFC was signed at the UN Climate Change Conference in Dubai (COP28).

The Lamberts project, to be located in the northeastern part of the island, will be structured as a public-private partnership (PPP).

Barbados will seek to attract a private sector sponsor as a majority owner of the asset through a competitive tender process. The realisation of the project, which is aligned with the government’s goal of transitioning to 95% renewable power by 2030, is expected to require an investment of about USD 80 million (EUR 73.6m).

IFC has advised and closed more than 170 PPP projects across developing countries, including in the Caribbean, since 2004. It is currently working on several renewable energy-focused initiatives in Barbados, including a solar-hydrogen-battery project.

(USD 1 = EUR 0.920)

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