IDB Invest, the private sector arm of the Inter-American Development Bank Group, said on Wednesday that it is supporting the development of a solar and hydrogen energy project in Barbados alongside the International Finance Corporation (IFC), a member of the World Bank Group.
The project in question is proposed by French fuels distributor Rubis SCA (EPA:RUI) and hydrogen energy specialist Hydrogene de France SA (EPA:HDF), which have set out to build a 50-MW solar farm with green hydrogen and lithium-ion battery storage to supply firm power to the Barbadian grid.
The facilities will form the Renewstable power plant, a type of plant based on a proprietary concept developed by HDF that combines renewable energy generation, long-term hydrogen storage and batteries. One of the features of the Renewstable Barbados is that it will also host a large sheep farm.
IDB Invest said that its role has been to provide advisory services to ensure the environmental and social impact assessment of the Renestable Barbados project would comply with IFC’s standards. IFC, under a collaboration agreement, will provide solar resource assessment, geotechnical and hydrological studies, and environmental life-cycle assessment, strengthening the bankability of the project for international investors to finance its construction in 2023.
Rubis became the majority owner of Renewstable Barbados after acquiring a 51% stake in the project from HDF earlier this year.
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