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

Regions
  • Latin America and Caribbean
Geographic location where the impacts of the investment may be experienced.
Countries
  • Barbados
Geographic location where the impacts of the investment may be experienced.
Specific Location
Harrow Plantation in St. Philip
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
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
A
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
Feb 17, 2025
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.
Loan 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.
Project Cost (USD)
$ 165.00 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.
Bank Documents
Media Documents
Primary Source

Original disclosure @ IDBI website

Updated in EWS Dec 23, 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.

As stated by the IDB Invest, 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 Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated on the company's website, HDF Energy's Renewstable® power plants deliver non-intermittent renewable, stable and baseload power by seamlessly integrating intermittent renewable energy sources with substantial on-site energy storage in the form of green hydrogen. Moreover, HDF Energy is also developing extensive infrastructure for the mass production of carbon-free hydrogen.

Backed by a team of over 100 hydrogen experts boasting more than a decade of operational experience across the value chain, HDF Energy is currently developing a portfolio of projects valued at over €5 billion.

Headquartered in France, HDF Energy has regional offices in Latin America, the Caribbean, Asia, Africa, and Oceania with 30+ nationalities among its staff. Since 2021, the Group has been listed on the Euronext Paris stock market, member of the Euronext Tech Leaders segment.

As stated by the IFC, Rubis, founded in 1990, is an independent French company in the energy sector listed on Euronext Paris (SBF 120). The Group specializes in the Retail & Marketing of fuel, liquefied gas and bitumen from supply to end consumer and the production of renewable electricity. It operates in over 40 countries across three geographical zones: Europe, Africa and the Caribbean.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
Hidrogene de France (HDF Energy) Parent Company Energy owns Renewstable (Barbados) Inc. Client Energy
Rubis Caribbean Holdings Inc. Parent Company Energy contracts with Hidrogene de France (HDF Energy) Parent Company 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 - HDF Energy:

Clarke Meshia
Email: meshia.clarke@hdf-energy.com
Phone: +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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How it works