Under the terms of the MOU, Blue Circle Energy will develop the Portfolio through the pre-construction phase, and partner with Sol through the construction process. Sol will fund project construction, as well as operate and maintain the projects through their 20-year lifespan. The Portfolio comprises approximately 50 single-axis tracking, ground-mount solar projects, called ‘Community Solar Gardens’, located across all eleven parishes in Barbados. The majority of the Portfolio is currently in the licensing and permitting stages. Pending receipt of regulatory approvals, these projects are expected to be constructed in phases between 2022 and 2025. Once completed, the portfolio of Community Solar Gardens is expected to produce up to 30MW of total generation capacity. The distributed nature of the portfolio will minimize short-term impacts to the electrical grid and facilitate additional grid support and resilience opportunities long-term.
“This is one of many steps we are taking to advance our decarbonization strategy and support Barbados in the transition towards increased renewable energy,” said Roger Barrow, General Manager for Sol Barbados. “Designed to integrate with each community's natural and agricultural heritage, once operational, these Community Solar Gardens will generate sufficient energy to power over 6,000 homes and represent an exciting opportunity to significantly advance Barbados’ 2030 renewable energy objectives.”
Minister of Energy, Kerrie Symmonds, emphasized the importance of Community Solar Gardens in advancing Barbados’ renewable energy objectives: “Community Solar Gardens advances Barbados’ renewable energy objectives in a meaningful way through the development of solar energy projects, the facilitation of Barbadian investment in renewable energy assets and the grant of an investment interest to local schools. This aligns closely with the key priorities of our National Energy Policy – to advance renewable energy while also democratizing the energy sector in Barbados.”
Investment Opportunities for Barbadians
Sol and Blue Circle Energy recognize the democratization of energy generation infrastructure is of critical importance to Barbados, as evidenced by the requirement for all renewable energy projects to have at least 30% Barbadian ownership. As such, Sol and Blue Circle are actively exploring options to facilitate investment by Sol Barbados employees, local pension funds, credit unions and cooperatives in this vital energy infrastructure.
Providing an income stream for Educational Institutions
Sol and Blue Circle have also agreed to grant local educational institutions an investment interest in Community Solar Gardens. This will provide participating schools with a 20-year cash flow to invest in enhanced sustainability and renewable energy programming for their students. “Globally and in Barbados, there is a massive renewable energy transformation which requires not only investment in infrastructure,
but also in people.” said Cameron Steinman, President for Blue Circle Energy. “There is a wonderful opportunity for Barbados to become a long-term regional centre of excellence in the development, design, construction and financing of renewable energy within the entire Caribbean. This all starts with education, and this 20-year annuity for schools derived from the income from these Community Solar Gardens will help ensure that green energy programming is being delivered into classrooms for many years.” Sol and Blue Circle Energy will also further invest in their existing scholarship and technical internship programs.
