Renewable Energy

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EGFL has resources which can be used to provide financial and technical support to renewable energy (RE) and energy efficient (EE) projects in Barbados. The ESF was capitalized by way of a loan from the Inter-American Development Bank (IADB) to the Government of Barbados.

The objective is to increase the use of viable RE and EE technologies in Barbados in order to decrease energy costs and increase the country’s energy security by reducing its dependence on fossil fuels, while helping to ensure a cleaner environment globally.

The financing window not only provides loan funding at an attractive rate for viable and sustainable projects but also provides grant funding to determine the technical and financial viability of proposals and to replace inefficient AC’s with energy efficient, ozone depleting substance (ODS) free AC’s.

The three (3) facilities:

    • Loan Facility – This is a $20 million facility which can provide loans up to a maximum of BDS$1.5 million, at an interest rate of 3.75 percent per annum, calculated on a reducing balance basis.  Loan terms can extend to ten (10) years.

    • Technical Assistance – This is a $1 million facility which provides grants for funding pre-investment studies of the technical and financial viability of RE and EE projects.

    • A/C Rebate TradeIn Facility – This is a $3 million grant facility which provides a 50 percent instant rebate for households and businesses to replace older air-conditioners with more energy-efficient, ODS free ones.

The Smart Fund Technical Committee reviews applications to the Loan Facility and Technical Assistance Facility to assess their technical and economic viability.

  • Security is required, usually in the form of a legal charge over the assets which have been acquired with the proceeds of the loan and any other collateral that may be deemed necessary.

Loan Facility

 

Technical Assistance Facility

 

AC Rebate Trade-In Facility

On completion of the due diligence process for loan applications, EGFL shall prepare and present a Project Funding Memorandum for the review and approval of the Investment Committee.  Prior to disbursement, the applicant should show evidence of compliance with BRA and NIS, if applicable.

Renewable Energy Loan Calculator

*estimate only

$50,000 $1,500,000
Number of Months
1 months240 months
Installment Payment: each month


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