Barbados has selected the International Finance Corporation (IFC) as lead transaction advisor as the Caribbean country seeks to build its first onshore wind farm with a capacity of 30 to 50 MW.

The partnership agreement between Barbados and IFC was signed at the United Nations Climate Change Conference in Dubai (COP28).

The Lamberts project, which will be located in the northeastern part of the island, will be structured as a public-private partnership (PPP).

Barbados will seek to attract a private sector sponsor as the majority owner of the asset through a competitive bidding process. Completion of the project, which is aligned with the government’s goal of transitioning to 95% renewable energy by 2030, is expected to require an investment of €73.6 million.

 

IFC has advised on and closed more than 170 PPP projects in developing countries, including the Caribbean, since 2004. It is currently working on several initiatives focused on renewable energy in Barbados, including a solar hydrogen battery project.