Caribbean investor WREL raises bond funds for solar in Barbados

Williams Renewable Energy (Two) Limited (WREL#2) has raised BBD 14 million (USD 7m/EUR 5.95m) in green energy bonds to finance more solar photovoltaic (PV) arrays in native Barbados, RF Merchant Bank & Trust (Barbados) Ltd, which acted as the exclusive financial advisor and placement agent in the founding round, announced in a statement last week.

WREL#2 will use the proceeds to add more rooftop and ground-mounted solar in partnership with individuals and businesses in the Caribbean island country.

The financing represents the first stage of an expected BBD-34-million offering. The second round will also be in the form of private placements in Barbados later this year, the RF bank said.

WREL#2 is a wholly-owned subsidiary of Barbados-based Williams Caribbean Capital (WCCB), an impact investment company targeting a diverse range of industries including renewables.

WCCB was founded in 2017 and has since created a solar energy business, developing initial PV projects through its subsidiary Williams Renewable Energy Limited, the bank's press release states.

(BBD 1.0 = USD 0.50/EUR 0.42)

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