Renewstable Barbados Power Plant Project (IDBI-13795-01)

Countries
  • Barbados
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • IDB Invest (IDBI)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Apr 23, 2024
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Renewstable (Barbados) Inc.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
  • Hydropower
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 40.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IDBI website

Updated in EWS Feb 27, 2024

Disclosed by Bank Jan 8, 2024


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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

Renewstable (Barbados) Inc. ("RSB"), a special purpose vehicle (SPV), will develop a power production facility at Harrow Plantation in St. Philip, Barbados which will provide firm capacity of 13 MW from 8am to 5pm and 8pm to 10 pm and 3MW for the remainder of the night. The electricity delivered will come from a 50 MWp Solar photovoltaic plant combined with an energy storage system using hydrogen technologies for long term storage and a li-ion battery system for short-term storage.

The system will generate electricity from the photovoltaic solar park and feed into the national grid and in parallel convert water to hydrogen using an electrolyzer, store the hydrogen in the form of compressed gas and then produce firm power from the hydrogen using a fuel cell. This project is expected to fully contract its capacity through a 25-year Power Purchase Agreement ("PPA") with the national grid operator- Barbados Light and Power Company ("BLPC"). In addition, the project will house a blackbelly sheep farm (the "Project"). Subject to due diligence, IDB Invest will provide a loan of up to US$35 million as a part of the syndicated debt for RSB. The project cost is approximately US$165 million, and the requested debt financing amount from RSB is up to US$132 million. The funds raised will be used to finance, build, and commission the Project.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Renewstable (Barbados) Inc. Client Energy

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Client Contact

EMAIL

meshia.clarke@hdf-energy.com

PHONE NUMBER

+1 246 838-2342

 

IDB Invest Contact


EMAIL: requestinformation@idbinvest.org

PHONE: +1(202)-566-4566

ADDRESS: 1350 New York Ave NW, Washington, DC 20005

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://www.iadb.org/en/access-information/information-request

ACCOUNTABILITY MECHANISM OF IDB / IDB INVEST

The Independent Consultation and Investigation Mechanism (MICI) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an Inter-American Development Bank (IDB) or Inter-American Investment Corporation (IDB Invest)-funded project. If you submit a complaint to MICI, they may assist you in addressing the problems you raised through a dispute-resolution process with those implementing the project and/or through an investigation to assess whether the IDB or IDB Invest is following its own policies for preventing or mitigating harm to people or the environment. You can submit a complaint by sending an email to MICI@iadb.org. You can learn more about the MICI and how to file a complaint at http://www.iadb.org/en/mici/mici,1752.html (in English) or http://www.iadb.org/es/mici/mici,1752.html (Spanish).

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