Caribbean investor WREL raises bond funds for solar in Barbados

Image by: United Arab Emirates-Caribbean Renewable Energy Fund (UAE-CREF).

March 29 (Renewables Now) - Williams Renewable Energy (Two) Limited (WREL#2) has raised BBD 14 million (USD 7m/EUR 5.95m) in green energy bonds to finance more solar photovoltaic (PV) arrays in native Barbados, RF Merchant Bank & Trust (Barbados) Ltd, which acted as the exclusive financial advisor and placement agent in the founding round, announced in a statement last week.

WREL#2 will use the proceeds to add more rooftop and ground-mounted solar in partnership with individuals and businesses in the Caribbean island country.

The financing represents the first stage of an expected BBD-34-million offering. The second round will also be in the form of private placements in Barbados later this year, the RF bank said.

WREL#2 is a wholly-owned subsidiary of Barbados-based Williams Caribbean Capital (WCCB), an impact investment company targeting a diverse range of industries including renewables.

WCCB was founded in 2017 and has since created a solar energy business, developing initial PV projects through its subsidiary Williams Renewable Energy Limited, the bank's press release states.

(BBD 1.0 = USD 0.50/EUR 0.42)

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Sladjana has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry. She is the person to seek if you need information about Latin American renewables and the Spanish market.

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