Caribbean power watch: Offshore wind, solar funds, policy/regulatory updates

IDB placed technical cooperation in its pipeline of potential financing to help Caribbean countries assess the potential for marine renewable energy, including offshore wind.

The funds would support the identification of alternative low carbon pathways to decarbonize maritime transportation and port energy services in the Bahamas, Barbados, Guyana, Jamaica Suriname and Trinidad and Tobago, bank information shows.

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The National Export-Import Bank of Jamaica launched a loan for small and medium-sized businesses to procure solar energy solutions. The lender has earmarked funds to finance up to 85% of the cost to acquire and install photovoltaic equipment at an interest rate of 7.5%.

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Barbados’ energy minister Lisa Cummins announced that a new electricity supply act is expected this year which would allow for standard form power purchase agreements, and that an update to the 2019-30 energy plan and the 2021 integrated resource and resilience plan will begin in March.

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Luma Energy, which operates Puerto Rico’s power transmission and distribution grid, expects to submit a draft of a wheeling service agreement to energy regulator PREB by March 30.

In a filing sent to the watchdog that contains technical presentations, Luma “proposes that wheeling be introduced through a phased approach to ensure all systems and processes are working properly and that the impacts of unforeseen problems and challenges are manageable.”

“Based on the current eligibility criteria as established by PREB [NEPR in Spanish], approximately 20% of Luma’s load would be eligible for wheeling,” the company said.