IFC signed an agreement with the Government of Barbados that will harness private sector capital and expertise to develop the country's first utility-scale onshore wind farm, marking a significant leap towards increasing sustainable energy in the Caribbean.
Under this collaboration, IFC will act as the lead transaction advisor to structure the 30-50 megawatt (MW) Lamberts project in the northeastern part of the island as a public-private partnership (PPP). The initiative will help the Government of Barbados achieve its target to transition to 95% renewables by 2030 and increase the country's energy security and resilience.
"Barbados is taking bold steps towards more sustainable and clean energy solutions, and our collaboration with IFC on the Lamberts project is a testament to our commitment to accelerate the transition to a resilient future," said Kerrie Symmonds, Minister of Foreign Affairs and Foreign Trade of Barbados. "We are excited to engage the private sector in this endeavor and look forward to the economic, social, and environmental benefits it will bring to our nation."
The project, set to be majority-owned and controlled by a private sector sponsor to be selected through a competitive tender process, represents a shift in the Caribbean towards engaging private enterprise in the development of renewable energy infrastructure. The investment could reach $80 million.
"This project is an important step in the partnership between IFC and the Government of Barbados to accelerate the country's transition to net zero, boost resilience, and attract private sector investment," said Mohamed Gouled, IFC's Vice President of Industries. "The development of Barbados' energy sector in a sustainable way will be an example for other small island developing states looking to accelerate their energy transition."
IFC currently has other renewable energy initiatives in Barbados to provide clean and stable electricity to the Barbadian grid, and has developed, in partnership with the government, the Resilient Infrastructure Tool, a software designed to visualize climatic and other environmental hazards and identify existing major capital projects that might be at risk from these threats.
Since 2004, IFC has advised and closed more than 170 PPP projects across developing countries, including in the Caribbean, contributing more than $46 billion in private investment.
About IFC
IFC a member of the World Bank Group is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2023, IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.
