Republic dedicated to preserving the environment

Republic Financial Holdings Limited (RFHL) is well on its way to achieving its sustainable banking objectives as part of its commitment to the United Nations Environment Programme Finance Initiative (UNEP FI), the Principles of Responsible Banking.

The regional banking giant signed up to the global initiative on September 25, 2020 and have since taken up a leadership role throughout the region with the aim of creating more sustainable communities for the benefit of both present and future generations of the Caribbean.

“Republic’s commitment to the environment is real and is laid out in the Principles for Responsible Banking, which builds upon the key takeaways of the 2015 Paris Agreement and the UN Sustainable Development Goals (SDGs),” says Nigel Baptiste, president and CEO of RFHL.

Most recently, the Group, through Republic Bank (Barbados) Limited, financed four wind turbines in Ashford, St. John, Barbados through a partnership with Panava Energy Limited.

Pavana Energy Ltd, a Barbados-based renewable energy company pioneering the development of clean energy projects, has launched a four-megawatt wind turbine facility on that island’s eastern coast, through funding from Republic Bank (Barbados) Limited.

The facility has the capacity to generate electricity that can provide the power needs of between 500 and 1,000 homes annually.

The Bank has become Pavana Energy’s main financing partner for the green energy installation, which features four state-of-the-art wind turbines situated at Ashford, St John.

They generate electricity to be sold to the Barbados Light & Power Company under a long-term, binding contract.

John Clarke, General Manager of Credit & Enterprise Risk at Republic Bank, who guided the arrangement, explained: “This project is very much aligned, not just to the principles committed to by Republic Group – Republic Bank Financial Holdings, but more specifically for Republic Barbados, where among the principles we have adopted is affordable and clean energy.”

“There is a dependence right now on solar as the main source of renewable energy production, but countries which are switching from traditional sources to renewables tend to want to rely on more than one form of renewable energy, and so, the wind is another way to diversify the sources of renewable energy.”

Omar Allahar, a civil and structural engineer and the Executive Chairman of Pavana Energy Ltd., praised the team at Republic Bank for the support they provided, moving his clean energy plan from an idea to a viable business development.

“I would recommend anyone interested in renewable energy financing to choose Republic Bank. They will explain any challenges and all the benefits, along with the ways to go about financing these projects in an economic fashion.”

Baptiste added that it is the Group’s intention to be “the cheerleader” of the Principles of Responsible Banking in the Caribbean, encouraging other institutions to follow suit. (PR)