The International Finance Corporation (IFC) and the Barbados government have signed a contract to support the development and functioning of Barbados’ first large-scale onshore wind farm.
This landmark agreement ensures the necessary assistance for the construction and operation of the renewable energy project. By combining resources, the IFC and the government of Barbados aim to promote sustainable energy practices, reduce the country’s carbon emissions, and advance its commitment to combating climate change.
This collaboration is a significant step towards achieving Barbados’ renewable energy targets while diversifying its energy sources and enhancing its energy security. The wind farm promises to be an essential component in driving Barbados towards a greener and more sustainable future.
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This partnership aims to tap into the country’s vast renewable energy potential and promote sustainable development. By leveraging IFC’s technical expertise and financial support, Barbados will establish its presence in the clean energy sector, reducing its reliance on fossil fuels and enhancing its energy security. This initiative marks a significant step towards achieving Barbados’ renewable energy goals and fostering a greener and more sustainable future for the Caribbean nation.
The World Bank group’s affiliate has been appointed as the primary transaction adviser to oversee the development of the Lamberts project, which aims to generate 30-50MW of power. The project will be structured as a public-private partnership (PPP), enhancing collaboration between the public and private sectors.
The World Bank’s expertise and experience in this field will ensure the project’s effective implementation and success. As the lead transaction adviser, the affiliate will play a crucial role in its structuring by coordinating and facilitating the partnership between the government and the private stakeholders involved.
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This collaboration will not only accelerate the project’s progress but also ensure that it adheres to international standards, attracting investments and creating sustainable energy sources for the region.
The project sets its sights on a location nestled in the north-eastern sector of the island, ensuring strategic positioning and accessibility. To determine the recipient of the construction privilege, a competitive tender process shall be employed. The estimated value of the investment is estimated to soar up to an exceptional $80 million, encompassing infrastructure and essential resources required for the project’s triumph.
Barbados’ Foreign Affairs and Foreign Trade Minister, Kerrie Symmonds, recently announced the nation’s commitment towards adopting sustainable and clean energy solutions. In line with this objective, Barbados has partnered with the International Finance Corporation (IFC) to work on the Lamberts project.
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Symmonds stated that this collaboration substantiates Barbados’ determination to accelerate the transition towards a resilient future. The Lamberts project aims to harness renewable energy sources as a sustainable solution for the country’s energy needs.
Barbados understands the urgency of addressing climate change and reducing its dependence on traditional fossil fuels. By embracing clean energy alternatives, the nation seeks to mitigate environmental damage and build a more sustainable future. Moreover, such initiatives will not only ensure a greener environment but also bring economic benefits by reducing energy costs and fostering investments in renewable technologies.
With the support of the IFC, Barbados is seizing an opportunity to make significant progress in its clean energy transition. By focusing on projects like Lamberts, the nation sets an example for others to follow in the pursuit of a greener and more sustainable future.
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