IDB to help Barbados adopt clean energy with USD-34m loan

The Inter-American Development Bank (IDB) will lend USD 34 million (EUR 32m) to help Barbados promote the use of cleaner fuels for electricity generation and increase the use of renewables.

The 24-year loan will finance improvements to Barbados’ existing natural gas infrastructure and, at the same time, raise energy efficiency and renewable energy applications within the National Petroleum Corporation (NPC) and Barbados National Oil Company Limited’s (BNOCL) operations.

“The loan also promotes the use of renewable energy, by providing more than 1 megawatts (MW) with a combination of wind and solar power, contributing to increase Barbados’ installed renewable energy capacity for power generation from zero in 2009 to 19 MW in 2016,” said Juan Carlos de la Hoz, IDB’s representative in Barbados. He noted that this represents more than 12% penetration of renewables in the country’s energy mix.

Barbados’ goal is to have renewable energy contribute 65% of total peak power demand by 2030. It also aims to lower electricity consumption by 22% by 2029 and targets a 30% economy-wide reduction in greenhouse gas emissions by 2030 compared with 2008 levels.

(USD 1.0 = EUR 0.942)

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