CDB funds USD$30M project to upgrade streetlights in Suriname
From the CDB
BRIDGETOWN, Barbados – The Caribbean Development Bank (CDB) has approved a loan of USD$30 million to the government of Suriname to replace that country’s existing high pressure sodium streetlights with high efficiency light-emitting diode (LED) systems. The replacement of the approximately 40,000 streetlights is expected to reduce energy consumption and costs as well as associated greenhouse gas emissions.
“Street lighting is a substantial expense for the government of Suriname, accounting for [more than] 30 percent of total electricity consumption,” said Daniel Best, director of projects, CDB. “This project is expected to significantly reduce electricity consumption and emissions, with a corresponding reduction in expenditure. The introduction of energy-efficient streetlight and smart technology contributes to the government’s vision of establishing a modern, sustainable, affordable energy supply, leading to more energy security and international competitiveness.”
The project will be executed by utility company Energie Bedrijven Suriname (EBS). It will include the establishment of an advanced metering system, including the installation of 21,000 smart electricity meters. This will improve EBS’ operational efficiency, as the smart meters will improve the reliability of consumption readings, and enable remote diagnostics, reducing the response time for failures.
There will also be a climate risk screening component, which includes an assessment of the vulnerability of EBS’ power sector infrastructure and recommendations to increase its resilience.
The CDB loan includes USD$18.6 million from the European Investment Bank Climate Action Line of Credit (CALC) with CDB. Additional funding of USD$3.4 million will be provided by EBS.
This project is in line with CDB’s commitment to climate change and sustainable energy, as elaborated in its Strategic Plan 2015-2019. It is also consistent with CDB’s strategic objective of supporting inclusive and sustainable growth and development, and its corporate priority of strengthening and modernising social and economic infrastructure.