IDB Invest fuels renewable energy milestone in The Bahamas with $11.2M solar plant financing
Bahamas
The Inter-American Development Bank (IDB) has announced the closure of a senior loan for up to $11.2 million to Lucaya Solar Power, marking the first solar plant in The Bahamas financed by IDB Invest under a Power Purchase Agreement (PPA) framework.
The project represents one of the first utility-scale renewable energy endeavors in the country. Lucaya Solar Power Ltd will sell energy to Grand Bahama Power Company Limited.
The project comprises two solar PV generation systems, each producing 6MW DC (direct current) and 5MW DC, alongside other transmission and interconnection infrastructure located in Freeport, Grand Bahama.
Nikita Mullings, GB Power’s Chief Operating Officer, recently stated to Eyewitness News that the company is advancing towards having 15 percent of its energy generated by solar. “On the renewables side, what it does is stabilize the cost of fuel for our customers because we become less dependent on heavy fuel oil and the effect of the volatility of the fuel market. By the end of 2025, what we would have is about 15 percent of our energy being provided by renewable energy through solar,” said Mullings.
Inti Corporation, the engineering, procurement, and construction (EPC) contractor engaged to build and operate the $15 million Lucayas Solar Power Project on Grand Bahama, recently announced that its Fairfield solar site would be commissioned at the end of this month.
Image: Zbynek Burival (Unsplash)