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Renewable Energy

EGFL has resources which can be used to provide financial and technical support to renewable energy (RE) and energy efficient (EE) projects in Barbados. The E nergy S mart F und (ESF) was capitalized by way of financing from the Inter - American Development Bank (IADB) and the European Union to the Government of Barbados. Some of the Fund’s resources are managed by FundAccess for the provision of financing to small businesses.

The objective of the Fund is to increase the use of viable RE and EE technologies in Barbados in order to decrease energy costs and increase the country’s energy security by reducing its dependence on fossil fuels, while helping to ensure a cleaner environment globally. More infor mation about the Barbados National Energy Policy and the role of the ESF in the attainment of its goals can be found here.

The financing window not only provides loan funding at an attractive rate for viable and sustainable RE and EE projects but also provides grant funding to determine the technical and financial viability of proposals and to replace inefficient air conditioners (Acs) with energy efficient, ozone depleting substance (ODS) free ACs.

The three (3) facilities:

  • Loan Facility – This is a $2 3. 6 million facility which can provide loans up to a maximum of $ 2 million, at an interest rate of 3.75 percent per annum, calculated on a reducing balance basis. Loan terms can extend to ten (10) years.
  • Technic al Assistance – This is a $1.6 million facility which provide s grant funding to applicants to conduct energy efficiency audits and renewable energy studies as well as to finance pilot studies. The maximum grant size under this facility is $50,000.
  • A/C Rebate Trade – In Facility – This is a $ 1 million grant facility which provides up to a 50 percent instant rebate for households and businesses to replace older air – conditioners with more energy – efficient, ODS free ones.

The Smart Fund Technical C ommittee re views applications to the Loan Facility and Technical Assistance Facility to assess their technical and economic viability.

  • Security is required, usually in the form of a legal charge over the assets which have been acquired with the proceeds of the loan and any other collateral that may be deemed necessary.

Loan Facility

Technical Assistance Facility

AC Rebate Trade-In Facility

On completion of the due diligence process for loan applications, EGFL shall prepare and present a Project Funding Memorandum for the review and approval of the Investment Committee. Prior to disbursement, the applicant should show evidence of compliance with BRA and NIS, if applicable.

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