Financing in the pipeline for Caribbean solar projects

Information from IDB Invest shows that the development bank has placed requests from developers for Caribbean solar projects in its pipeline of potential financing. 

Soleco Energy looks to secure US$25mn (syndicated amount US$11.1mn, financing amount US$13.9mn) for a portfolio of distributed generation assets in Jamaica for a combined 11.25MWp which will be contracted with commercial and industrial clients through long-term lease contracts in a first phase. 

The assets include ground mounted, rooftop and carport solar arrays, along with energy storage solutions and interconnection infrastructure. 

Soleco has hired Grupotec Servicios Avanzados to carry out the work for this 12-month phase. 

A second phase envisions the installation of additional generation capacity. 

Read Jamaica engages IDB to define renewable energy procurement

For its part, Lucayas Solar Power seeks US$12mn for an 11MWp solar park in Freeport, Grand Bahama, The Bahamas. The arrays and interconnection facilities are planned at Fairfield (6.01MWp) and Devon (4.98MWp). 

Ventus Ingenieria and Osprey Construction is the EPC contractor and will be responsible for operations and maintenance for the 12-month project, which will be grid-tied and supply Grand Bahama Power. 

IDB recently approved a request from the Bahamas finance ministry for US$9mn to support a 2.25MW solar plant and associated energy storage and transmission infrastructure. 

And in Guyana, a US$5mn uncommitted, secured revolving working capital facility is planned to support Soventix and other borrowers for two off grid solar plants, battery energy storage systems (BESS) and interconnection facilities, and subsequent similar projects. 

The initial plants will be installed at Bartica and Lethem (1.5MWp array, 0.83MW BESS) and Lethem (1MWp array, 0.57MW BESS). 

In a related development, the Guyana Energy Agency (GEA) issued a call to design, supply, install, test and commission transmission lines for Bartica and Lethem.

GEA also extended to October 19 the bidding deadline for the EPC of hydro projects Kumu (1.5MW) and Moco Moco (0.7MW). 

Meanwhile, the governments of Guyana and India signed a US$7.2mn line of credit agreement to supply 30,000 homes with solar power.

Read Guyana commits to 500MW, institutional reform