More news from COP28 in Dubai with the announcement that Barbados has chosen the International Finance Corporation (IFC) to serve as the primary transaction adviser for its inaugural utility-scale onshore wind farm, with an anticipated capacity ranging from 30 to 50 MW. The collaboration between Barbados and IFC was formalized during the United Nations Climate Change Conference in Dubai (COP28).
Situated in the northeastern region of the island, the Lamberts project is set to adopt a public-private partnership (PPP) structure. In line with the government's objective to achieve 95% renewable energy by 2030, Barbados aims to attract a private sector sponsor to assume the majority ownership of the asset through a competitive tender process. The successful realization of the project is projected to necessitate an investment of approximately USD 80 million (EUR 73.6m).
IFC, leveraging its extensive experience in advising and concluding over 170 PPP projects in developing countries, including the Caribbean, since 2004, will play a pivotal role in guiding the initiative. Additionally, IFC is actively involved in various renewable energy-focused endeavors in Barbados, such as a solar-hydrogen-battery project.