Barbados Solar PV Market Insight
The governments of the world have made a decision. At the Paris climate conference (COP21) in December 2015, 195 countries adopted the first-ever universal, legally binding global climate deal. What does this mean for investors and project developers? As private investors, pension funds and venture capitalists divest from fossil fuel power generation, renewable energy investments become more profitable. As the old wave falls, a new one rises and now is the perfect time to jump from one wave to another.
The Caribbean is at the forefront of unsubsidized solar markets. With high insolation levels and some of the world’s highest electricity prices (>US$0.30/kWh), it is positioned to be one of the most attractive regions on the planet for solar development.
Of the island nations in the Caribbean, Barbados has become a solar energy leader through the extensive implementation of solar water heating technology over the past 40 years. Now it continues to lead with solar development using photovoltaic (PV) technology.
The enactment of the Electric Light and Power Act (ELPA) in May 2015 promotes the generation of electricity from renewable energy sources and empowers new licence holding entities to supply electricity in Barbados, ending a 100 year old monopoly on electricity generation.
Results of a GE Energy Consulting renewable energy integration study found that the island’s power grid can accommodate 15MW of wind power, 20MW of central solar PV and 20MW of distributed solar PV without any mitigation measures.
With a high potential for solar PV, but no solar market information available, Solar Genesis Inc. produced the Barbados Solar PV Market Insight, the industry’s most in-depth analysis of this emerging market.
The objective of the report is to provide the necessary information to enable strategic business decisions by prospective solar developers and potential investors in the Barbados solar market.
The report provides:
- Renewable energy development in Barbados to date
- An understanding of the electricity sector
- An analysis of existing fossil fuel electricity generation
- Outcome of the Renewable Energy Rider (RER) Program
- Results of the Intermittent Renewable Energy Penetration study
- Details on the Electric Light and Power Act (ELPA) and licencing
- Potential challenges within the solar development process
- Information on supportive government incentives
- Development bank financing for renewable energy utility/IPP projects