The Caribbean Development Bank is supporting St. Vincent and the Grenadines’ push to expand and increase its range of renewable energy options through a planned solar energy project.
This month, the bank’s board of directors approved financing of US$8.6 million to St. Vincent Electricity Services Ltd (VINLEC) for the supply and installation of solar photovoltaic (PV) systems at buildings owned by VINLEC in the vicinity of the Argyle International Airport.
The funding will also cover the establishment of a battery energy storage system (BESS) to be installed at the Cane Hall sub-station. The solar PV systems will displace some of the diesel fuel used for electricity generation. The BESS is expected to optimise the operation of the solar systems and also improve the energy efficiency of VINLEC’s system by providing spinning reserve thereby reducing the diesel fuel used by the generators for this purpose.
The project is in line with the National Energy Policy (NEP) of the government of SVG, which speaks to increasing use of renewable energy technologies and has set a target of 60% of electricity generated from RE sources.