CDF and CCREEE Jointly Launch Energy Project Financing For Caribbean.

Photo: CARICOM. The Caribbean will have access for financing for renewable energy projects such as windmills or solar panels.
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Wednesday, 25 November 2020 | Bridgetown, Barbados – The CARICOM Development Fund (CDF) and the Caribbean Centre for Renewable Energy and Energy Efficiency (CCREEE) today strengthened their partnership when the two regional institutions jointly launched two facilities intended to support sustainable energy projects within the Caribbean Community

The launch – held under the theme, “Accelerating Sustainable Energy Solutions: From Ideas to Investments” – featured the CCREEE Project Preparation Facility (PPF) and the Credit Risk Abatement Facility (CRAF), an intervention of the CARICOM Development Fund (CDF).

The CCREEE PPF is established with a view to tackle barriers to the development of high-quality sustainable energy projects across CARICOM, while the CRAF seeks to incentivize additional lending from local financing institutions for renewable energy and energy efficiency interventions in CDF Member States.

“The two facilities go hand in hand,” said CCREEE’s Executive Director, Dr Gary Jackson, adding:

“This is regional integration and collaboration at its best. The CCREEE – through the PPF –
provides technical assistance and advisory services to move sustainable energy projects along the pipeline towards investment readiness and therefore implementation. The CDF addresses financial constraints to the execution of these projects, by way of the CRAF. In this partnership, we have come together to address these gaps, for the benefit of Caribbean people.”

Dr Jackson highlighted that all work, within the context of CARICOM institutions, must be people-focused. Noting that the CRAF was developed with the support of Camco Clean Energy, CDF’s Chief Executive Officer Rodinald Soomer, too remarked on the necessity of partnerships.

Soomer said, “The CRAF is premised on the recognition that stimulating increased levels of financing for renewable energy and energy efficiency investments requires the building of partnerships between banks and other financing institutions, small and medium sized businesses and energy services providers, enabled by regional institutions such as the CDF and CCREEE, working in an integrated manner to strengthen the entire energy ecosystem.

These strengthened partnerships will significantly enhance the efficient operation of the market for sustainable energy financing and technical services to the private sector.”

Launch invitees, ranging from representatives of international and regional organizations to
financial institutions and the public at large, attended physically and virtually. They heard from Barbadian Prime Minister and Minister of Finance, Mia Amor Mottley who lauded institutional efforts to reduce fossil fuel imports and consumption.

Prime Minister Mottley shared, “I want to salute these two regional organizations because their efforts are pushing the rest of the Caribbean. It cannot be the case that we are on the frontline of the climate crisis yet, our policy decisions do not reflect the fact sufficiently that we need to make haste”, the Barbadian Prime Minister said.

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