New support has been announced for a 50MW solar with green hydrogen and battery storage that will provide clean electricity to the Barbadian grid.
The International Finance Corporation (IFC) and Inter-American Development Bank (IDB) Invest are working with Hydrogène de France (HDF) and Rubis to support the development of Renewstable Barbados, which is also designed to host the largest sheep farm on the island, contributing to both the energy and food security of Barbados.
The project is expected to generate enough green electricity to power around 16,000 homes.
IFC, part of the World Bank Group, will provide solar resource assessment, geotechnical and hydrological studies and environmental lifecycle assessment, which are expected to “strengthen the bankability” of the project for international investors to finance its construction in 2023.
IDB Invest has financed part of the environmental and social impact assessment of the project.
Martin Spicer, IFC Director for Mexico, Colombia, Central America and The Caribbean said: “Green hydrogen is emerging as an unparallel technology for decarbonisation of many aspects of the economy.
“This is a first of its kind project for IFC globally and we are delighted to promote, in partnership with HDF and Rubis, a reliable clean baseload solution using green hydrogen, a solution that can be replicated in other small island economies in the Caribbean and beyond.”