$30 million facility to boost renewable energy financing in the Bahamas
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In a significant move towards sustainable energy development, a new $30 million facility managed by the Bahamas Development Bank is set to revolutionize the financing landscape for renewable energy systems. Guildan Gilber, Vice President of Alternative Power Sources Bahamas, made the announcement at the Andros Chamber of Commerce Economic and Investment Conclave, offering a ray of hope for businesses grappling with power generation challenges.
Speaking at the event, Gilber revealed that the Bahamas Development Bank would allocate a portion of the funds to finance renewable energy solutions for homeowners, small businesses, midsize businesses, and larger enterprises. The financing package aims to support the installation of renewable energy systems, such as solar panels, across the country.
Key highlights of the financing initiative include:
Gilber emphasized the importance of consistent power generation for businesses and highlighted the role of renewables in providing reliable, environmentally friendly energy solutions round the clock. He underscored the potential of renewable energy systems to reduce dependency on traditional utilities and enhance energy resilience for businesses.
Despite the government’s target of achieving 30 percent renewable power generation by 2030, Gilber noted that the country’s current penetration stands at less than 10 percent. Access to financing has been identified as a major barrier hindering the widespread adoption of renewable energy technologies.
Traditional banks have been hesitant to finance renewable energy projects due to collateral requirements and the unique nature of renewable assets. Unlike traditional assets like houses or cars, renewable energy systems cannot be easily repossessed in the event of non-payment.
With the introduction of the $30 million facility, Alternative Power Sources Bahamas aims to bridge this financing gap and accelerate the transition to renewable energy in the Bahamas. The initiative aligns with global efforts to combat climate change and underscores the country’s commitment to sustainable development and energy independence.
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