- The European Investment Bank (EIB) and the EU back the Renewstable® Barbados project, which aims to achieve 100% renewable energy by 2030.
- The project will integrate solar energy with green hydrogen storage to provide continuous 24/7 electricity, reducing reliance on fossil fuels.
- International partners like the IFC, IDB Invest, and Green Climate Fund (GCF) support the project, boosting its potential for regional replication.
The European Investment Bank (EIB) confirmed its support for the Renewstable® Barbados (RSB) project, aiming to transform Barbados’ energy sector. Developed by HDF Energy, the project will help the island achieve 100% renewable energy by 2030.
HDF Energy located the RSB plant at Harrow Plantation in southeastern Barbados and integrated solar energy production with green hydrogen storage. Unlike other intermittent renewable sources, this setup ensures a continuous 24/7 power supply. The plant will replace 13 MW of fossil fuel-based power, reducing Barbados’ reliance on imported fuels and cleaning up its energy mix.
The European Union (EU) also endorsed the project as a key step in Barbados’ energy transition. The EIB provided investment grants and guarantees, ensuring the project’s financial stability. Global partners like the International Finance Corporation (IFC), IDB Invest, and the Green Climate Fund (GCF) also supported the initiative, strengthening its potential for replication across the region.
During the launch on February 19, Ursula von der Leyen, President of the European Commission, stressed the project’s importance for the Caribbean’s energy security. “Renewable energy must be produced locally,” she stated, highlighting green hydrogen’s role in boosting energy independence and sustainability in the region.
The project aims to reduce the island’s dependency on fossil fuels and align with its renewable energy goals. By integrating solar energy and hydrogen storage, the RSB project ensures a stable power supply for Barbados, helping the island overcome the limitations of intermittent renewable energy sources like solar and wind.
HDF Energy built Renewstable® Barbados on the success of the Centrale Électrique à Oxyde de Gaz (CEOG) project in French Guiana. Thibault Menage, HDF Energy’s regional Vice-President, expressed optimism about extending this technology to other Caribbean sectors, mainly industrial and maritime applications. “We see Renewstable® Barbados as a catalyst for future regional development,” he said.
HDF Energy continues demonstrating long-term commitment to the Caribbean by forging strong international partnerships that ensure the project’s bankability and success. These collaborations with global and regional stakeholders will increase the likelihood of similar energy initiatives across the Caribbean.
Renewstable® Barbados will significantly impact Barbados’ energy landscape by supporting its ambitious renewable energy targets. With backing from the EIB, EU, and other international institutions, the project will contribute to a cleaner, more sustainable energy future for the island.
By reducing reliance on fossil fuels and embracing innovative green hydrogen technology, Renewstable® Barbados marks a turning point in the island’s energy transition. The project sets a model for other Caribbean nations, advancing the region’s energy security and sustainability goals.