Soleco hoping to invest US$45m in Barbados

A Jamaican-based company is set to invest US$45 million in the local renewable energy market once all the requisite government approvals are granted.

The clean energy projects planned by Soleco Energy Limited, will see the construction of three 10 MW (total capacity of 30MW) solar photovoltaic plants in Barbados. Angella Rainford, CEO and Founder of Soleco Energy explained: “We are working with our local partners and investing in solar power plants which will benefit Barbadians, as the country works towards being 100 per cent reliant on renewable energy sources by 2030.”

No stranger to the renewables industry, Rainford, along with her co-developers, completed a 51MWp solar plant in 2019 at the Paradise Park Project in Westmoreland, Jamaica (U$65 million total investment).

It is the largest solar plant in the English-speaking Caribbean and is selling electricity to the Barbados Light & Power equivalent in Jamaica (JPS), at a price of U$8.5 cents/ kWh. Rainford said: “The Paradise Park Project exemplified the potential for other emerging markets such as Barbados to achieve such cost savings while supporting sustainability and resilience in their economies though the adoption of renewables.”

While still awaiting key approvals from local agencies in Barbados, Rainford, whose company is also registered in the UK, spoke to the 115 Barbadian jobs that the projects would provide initially during the construction phase.

The CEO was not able to share the location or local partners at this time, however, she noted that her organisation was looking forward to launching the projects. (PR)