NASSAU, BAHAMAS – The government of The Bahamas is proposing to seek some $100 million in multilateral creditor fudning beginning fiscal year 2020/2021 as a direct investment in solar energy plans within selected family islands.
According to the 2019 Fiscal Strategy Report, Hurricane Dorian has “reinforced the need for the Government to proactively pursue plans to introduce transformational initiatives to modernize the energy sector, through diversifying the energy matrix with cleaner, reliable, cost-efficient and indigenous renewable energy sources”.
The report noted that the government proposes to seek some $100 million in multilateral creditor funding, to be drawn over the course of three years beginning in FY2020/21, as a direct investment into solar energy plans within selected Family Islands.
“This investment is to be made within the context of a special purpose vehicle, to facilitate a planned privatization to Bahamians, upon completion of the project,” the report stated.
The government has announced that it will deliver on a solar plant for Ragged Island before year’s end. In September 2017, Hurricane Irma barreled into Ragged island, packing winds up to 185 mph.
The Category 5 storm blew off roofs, toppled lamp poles and flattened homes and key infrastructure.
United States-based company Salt Energy LLC has also been awarded the RFP to build a solar and battery storage solution on the island, that would result in the production of more than 90 percent of the island’s energy requirements.