Lucayas Solar Power Ltd, a Bahamian company, has commenced operations of its 6-MW Fairfield farm on the island of Grand Bahama.
IDB Invest Grants $11.2M Loan for Lucayas' Solar PPA
IDB Invest, a member of the Inter-American Development Bank, provided a senior loan of up to USD 11.2 million (EUR 10.5 million) to Lucayas, thus allowing the company to sell solar energy to Grand Bahama's only power utility. Consequently, Lucayas secured a 25-year power purchase agreement (PPA) with Grand Bahama Power Company Limited.
The PPA encompasses the energy output from the Fairfield farm and another grid-tied solar project developed by Lucayas, known as Devon, which will possess an installed capacity of approximately 5 MW. Both projects are strategically located in Freeport, a city on Grand Bahama.
Fairfield Solar Plant to Cut 5,000 tons of CO2 annually
The Fairfield Solar farm is expected to significantly reduce carbon emissions, cutting over 5,000 tons of CO2 annually and nearly 150,000 tons over the 25-year duration of the PPA.
Image: Collected
The financial support is designed to create a market for clean energy in the Caribbean, reducing greenhouse gas emissions and promoting economic growth by stabilizing electricity prices.
IDB Invest Enhances Gender Diversity in the Solar Sector
IDB Invest is leading efforts to improve gender diversity and technical expertise in the solar photovoltaic sector. Aiming for at least 10% female representation in non-traditional roles like mechanical and electrical work, the project has already employed 13 women out of 69. These initiatives involve skills training, academic opportunities and challenging societal norms about career paths.
This innovative initiative supports four United Nations Sustainable Development Goals: Affordable and Clean Energy (SDG 7), Decent Work and Economic Growth (SDG 8), Industry, Innovation and Infrastructure (SDG 9) and Climate Action (SDG 13).
Lucayas Solar Power’s Commitment to Sustainability
Lucayas Solar Power Ltd is a subsidiary of the Bahamian company Inti Corporation Ltd, which is part of the Inti Global Energies LLC Group based in the United States. It is a company specializing in solar energy solutions. They focus on designing, installing and maintaining solar power systems for residential, commercial and industrial clients. Their mission is to promote sustainable energy practices by providing efficient and cost-effective solar power solutions.