IFC and IDB invest partner with HDF energy and rubis to develop first green hydrogen power plant in Barbados.
Barbados has an ambitious target of 100% renewable energy and carbon neutrality by 2030, and in line with this goal, IFC and IDB Invest are working with Hydrogene de France and Rubis to support the development of Renewstable Barbados.
This will come in the form of a 50 MW solar generation facility with green hydrogen and lithium-ion battery storage that will produce clean electricity to the Barbadian grid.
Additionally, the project will be home to the largest sheep farm in the island, contributing to both energy and food security of Barbados.
Through a Collaboration Agreement, IFC will provide solar resource assessment, geotechnical and hydrological studies, and environmental life-cycle assessment, strengthening the bankability of the project for international investors to finance its construction in 2023.
IDB Invest will do its part by financing the Environmental and Social Impact Assessment of the project which will comply with IFC’s internationally recognised standards.
“Climate change is one of the Caribbean’s most pressing challenges, which is why IFC is helping pave the way for viable and profitable renewable energy projects to help countries achieve their environmental goals.” Said Martin Spicer, IFC Director for Mexico, Columbia, Central America and The Caribbean.
This project is the second of its kind developed by HDF in the region after one already under construction in French Guiana.
Green hydrogen is very appealing as an electricity storage solution for many remote islands. The existing alternatives such as heavy-fuel oil and diesel are highly expensive and are highly damaging for the environment. Furthermore, countries are also very heavily reliant on fuel imports.
“As the majority Shareholder of Renewstable Barbados, Rubis is pleased to partner with HDF, and IFC and IDB Invest on this innovative project and is committed to working closely with the Government of Barbados to secure all necessary approvals and to diligently pursue all other activities and negotiate all necessary agreements to bring this project to completion.” said Mauricio Nicholls Chief Executive Officer for Rubis in The Caribbean.
All parties are committed to partnering with the private sector to help improve solutions that will help climate action in Latin America and the Caribbean.