PRESS RELEASE | May 29th, 2024
Brussels, Belgium - RELP and the Government of Barbados have signed a Cooperation Agreement to promote and deploy Battery Energy Storage Systems (BESS) at scale in the country.
The main objectives of this Cooperation are:
- Assisting Barbados in creating and implementing successful BESS competitive and transparent procurement programmes;
- Developing policy frameworks and credit-enhancement tools to attract investment at the most competitive costs;
- Providing technical support to achieve energy transition goals and integrate BESS into the national grid efficiently;
- Exploring further opportunities for RE and BESS to strengthen Barbados' overall energy procurement programme.
“This partnership with RELP is important for Barbados, as it will realise our first Battery Energy Storage Systems (BESS) auction process, enabling the continued onboarding of variable renewable energy, while advancing our clean energy transition. With the work that RELP is doing, supported by GEAPP, the Inter-American Development Bank (IDB) and others, I look forward to the development of an internationally competitive procurement framework that ensures access to the best technology at the best prices from reputable suppliers. My Ministry looks forward to working with RELP towards the attainment of our national goal of 100% renewable energy.” said Senator the Hon. Lisa Cummins, Minister of Energy and Business, Barbados”
This effort aims to unlock benefits for the energy sector in several ways:
- Attracting Private Sector Investments;
- Promoting Efficiency;
- Integration of BESS into the National Electricity System;
- Supporting the Clean Energy Transition;
- Long-Term Socio-Economic Development.
“We are excited about our partnership with Barbados. This cooperation underscores our shared goals of fostering successful procurement programmes, developing innovative policy frameworks, and advancing the integration of clean energy. Together, we aim to accelerate Barbados' Energy Transition and drive down costs while attracting vital investment for the country." said Sebastian Kind, RELP’s Founder and CEO.
This Agreement plays a pivotal role in driving the Energy Transition in Barbados, contributing to its energy security, sustainability, and economic development.
About RELP
RELP is an impact-driven and independent non-profit organisation. We focus on accelerating the deployment of renewable generation in developing economies by directly supporting governments in the design and implementation of stable regulatory frameworks, competitive procurement processes, and new financial and credit enhancement tools, including program-based guarantees.
We focus on implementation to facilitate bankability, foster competition, and boost the local and foreign investments needed to materialise project installations, local economic and social development, and the reduction of GHG emissions.
About Ministry of Energy and Business (Energy Division)
The Ministry of Energy and Business, Energy Division, is responsible for energy-related matters in Barbados. This includes oil and gas, renewable energy and energy conservation. The Energy Division also provides geological and earth science services to other government departments, as well as, to the private sector.
The Energy Division’s mission is to foster development within the energy sector through technological innovation and workable local, regional and international partnerships, which promote a strong economy and healthy environment. Our vision is to transition Barbados to a fully renewable energy and carbon neutral island state and to establish and maintain a sustainable energy sector for Barbados.
