48422 - Renewstable Barbados

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Summary of Investment Information

Project Number

48422

Company Name

RENEWSTABLE (BARBADOS) INC.

Date SPI Disclosed

Jun 3, 2024

Country

Barbados

Region

Latin America and the Caribbean

Projected Board Date

Sep 26, 2024

Environmental Category

A - Significant

Status

Pending Approval

Last Updated Date

Apr 8, 2026

Department

Regional Industry INF LAC & EUR

Industry

Infrastructure

Sector

Solar - Renewable Energy Generation

Additional Project Attributes

Blended Finance

Project Description

The proposed investment consists of a senior secured financing package of ~US$[130] million for the construction of a 50MWp solar plant with a 15MW (30WMh) lithium-ion battery (“BESS”) and 90MWh hydrogen storage capabilities in Barbados (the “Project” or “RSB”). The Project is expected to be supported by the Green Climate Fund as described in the Blended Finance Section. IFC is planning on bringing US$41 million in concessional blended finance funds (US$40million senior secured loan and US$1 million grant) from the Green Climate Fund (GCF board approval received in Oct-23). The concessional blended finance funds brought by IFC would be part of the debt package for which IFC is mobilizing a further US$70 million from local/regional banks jointly with IDB Invest.

Sponsor / Cost / Location

Development Impact

Affordability/Environmental: The Project is expected to generate 56GWh/year of electricity and benefit ~16,000 people. The plant will partly replace a 13MW diesel gas turbine thus contributing to reduce the country’s reliance in fossil fuels (currently over 95%) and the resulting high exposure to fuel price volatility, which is directly reflected in the end consumers’ bills since it is passed down to via the FCA mechanism. The associated emissions savings per year are preliminarily estimated at 45,000 tCO2. Sustainability: The Project’s demonstration effect can be a central component of the country decarbonization strategy for the power sector. The Project directly supports Barbados's National Energy Policy, which targets 95% renewable energy and carbon-neutral island-state transformation by 2030. The Renewstable concept combining Photovoltaics (PV) and Hydrogen (H2) generation with H2 and Li-Ion storage represents a significant innovation to provide stable baseload and dispatchable energy to the grid, enabling increased utilization of solar generation in the country’s power generation matrix and thus mitigating climate change effects of the sector. Barbados’s generation matrix relies heavily in fossil fuel generated power and the role of solar power in the provision of electricity has remained marginal because of its limited ability to dispatch based on changes in demand, which the project’s configuration contribute to address, thus effectively diversifying sources of generation, and reducing the reliance on thermal sources.

Financing Structure. IFC’s additionality results from providing a financing solution that is not available in the local market. Non-recourse project finance is practically nonexistent in Barbados and the tenors available in the market are well below the 16-years that IFC expects to offer to the client. Non-commercial risk mitigation. IFC’s participation gives comfort by mitigating non-commercial project risk derived from the untested nature of solar and H2 generation + H2 and Li storage in Barbados. Knowledge, innovation, and capacity building. IFC has established a strategic partnership with the client through an Upstream advisory engagement to develop the project. The engagement has been fundamental to move the Project from a prefeasibility to near implementation stage. IFC’s Upstream engagement is currently active in several areas including assessing solar resources, geotechnical and hydrological characteristics, tax and customs. Standard Setting. IFC is also working with the client to develop a comprehensive ESAP that improves the Project’s Environmental and Social Risk Management policies and procedures, making sure that it is aligned and complies with IFC Performance Standards

E&S Category Rationale / Risks and Mitigation

This is a Category A Project according to IFC’s Policy on Environmental and Social Sustainability due to potential adverse and unprecedented risks which are mainly associated to the inherent operational risks related to hydrogen storage that has the potential to affect workers and surrounding communities. Additional E&S risks related to the Project include i) Sponsors and contractor Environmental and Social Management System (ESMS) and organizational capacity for construction and operation; ii) management of labor and working conditions including contractor/third party management; iii) supply chain risks related to solar panels and batteries, iv) Occupational Health and Safety (OHS); v) pollution prevention practices, including waste and hazardous waste management; vi) stakeholder engagement and grievance mechanisms; and vii) community health, safety and security.

Contacts

For Inquiries About the Project, Contact

Renewstable (Barbados) Inc.
Hugo Frossard
Investment Manager
+33 (0)7 81 81 20 36
hugo.frossard@hdf-energy.com
One Rubis Plaza, Welches, St. James BB23027
https://www.renewstable-barbados.com/

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Local Access of Project Documentation

Renewstable (Barbados) Inc

One Rubis Plaza, Welches, St. James

BB23027 Barbados

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. Its purpose is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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