Economy

Caribbean Development Bank Approves Funding For Regional Grid Modernisation

The Caribbean Development Bank has approved a grant of US$350,000 to assist utilities and relevant stakeholders across the region to develop, plan and design energy storage and grid modernisation solutions
Caribbean Development Bank Approves Funding For Regional Grid Modernisation

The Caribbean Development Bank (CDB) has approved a grant of US$350,000 to assist utilities and relevant stakeholders across the region to develop, plan and design energy storage and grid modernisation solutions, which could accelerate the Caribbean’s shift to clean energy.

The technical assistance, provided through the Canadian Support to the Energy Sector in the Caribbean (CSES-C) Fund, will support at least six individual grid modernisation and/or energy storage proposals from the Bank’s Borrowing Member Countries (BMCs).

“This technical assistance is an important stepping stone in our efforts to assist our BMCs in meeting their energy targets. It seeks to incentivise utilities to embark on electricity grid modernisation and energy storage projects…” said Tessa Williams-Robertson, Head of the CDB’s Renewable Energy/ Energy Efficiency Unit.

“Through this project, utilities and energy stakeholders will receive the support and technical advisory services needed to identify suitable investments in energy storage and grid modernisation technologies, and properly plan for implementation and operational management,” Williams-Robertson added.

The CSES-C Fund, established in 2016 to provide technical assistance over a four-year period, has supported 15 technical assistance projects since its launch.

The energy storage and grid modernisation project is consistent with the Bank’s strategic objective of supporting inclusive growth and sustainable development within its Borrowing Member Countries.

Source/CMC

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