IDB Invest closes multi-million-dollar deal with Barbados Port

The Barbados Port Inc. (BPI) has finalised a $100 million (US$50 million) loan to fund upcoming capital expenditures for the modernisation of its operations.

This deal with IDB Invest, a member of the IDB Group, represents the multilateral development bank’s first financing for infrastructure in Barbados and supports the purchase and installation of a Waste to Energy (WTE) system consisting of a wet-dry incinerator and a steam rankine cycle turbine, the purchase and installation of up to 1.5 Megawatts of additional rooftop photovoltaic solar capacity and repairs and upgrades to the port’s berth number four.

BPI, a commercial state-owned enterprise, operates and manages the Port of Bridgetown. The new equipment will utilise less energy and reduce pollutant emissions, in line with the Port’s goal of becoming a green, maritime hub. The waste-to-energy component of the incinerator system, along with the additional rooftop solar capacity, will produce an estimated total of 6,347 MWh of electricity in the first year of operation, which will be sold to the privately operated utility, Barbados Light & Power, to offset electricity that would otherwise be sourced from fossil-fuel generated.

With respect to berth upgrades, the financing will be utilised to re-develop, expand and modernise the existing Shallow Draught marina. The project will include new storage and office buildings, commercial unit shops, an open-air market and restaurants, support buildings, improved fuel dock facilities, relocation of the existing catamaran pier to the east side and upgrade of the swell-attenuating structures.

The expansion of the Shallow Draught represents an opportunity to foster economic development and job creation, and to diversify both the sources of income for BPI and the tourism product offering.

IDB Invest’s non-financial additionality includes technical assistance to perform a feasibility study of various WTE and PV solar technologies as well as to help BPI in the creation of an Environmental & Social Management System.

This deal is expected to contribute to six United Nations Sustainable Development Goals (SDGs) – affordable and Clean Energy (SDG 7), Decent Work and Economic Growth (SDG 8), Industry, innovation and infrastructure (SDG 9), Reduced inequalities (SDG 10), Responsible consumption and production (SDG 12) and Climate Action (SDG 13).

IDB Invest said it is committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. It finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. (PR)