The Energy Smart Fund
The Government of Barbados (GOB) has established a Energy Smart Fund to provide financial and technical support to renewable energy (RE) and energy efficiency (EE) projects in Barbados. To capitalize the fund, the Government has obtained a loan of US$10 million (approximately BDS$20 million) from the Inter-American Development Bank (IADB), under an agreement for the Sustainable Energy Investment Program known as the ‘Energy Smart Fund’. It is being implemented in partnership with the Enterprise Growth Fund Limited (EGFL) through the signing of Management and Deed of Trust Agreements for the establishment and management of the Energy Smart Fund.
The Energy Smart Fund consists of a package of financial instruments and technical assistance to address the main market failures that prevent the country from adopting renewable energy and energy efficient technologies on a large scale. The Fund will not only facilitate subsidized loans for the implementation of viable renewable energy and energy efficient projects but it will also provide grants to businesses for funding pre-investment studies, assessing the technical and financial viability of these projects. Small entrepreneurs in this emerging industry will be able to partner with the Enterprise Growth Fund Ltd as "Smart Fund Partners" to provide technical expertise, by conducting energy audits and other studies necessary for businesses wishing to assess the fund.