The World Bank’s Board of Executive Directors approved the Caribbean Resilient Renewable Energy Infrastructure Investment Facility for Grenada, Saint Lucia, and Saint Vincent and the Grenadines, a regional initiative developed with the Eastern Caribbean Central Bank and Eastern Caribbean countries to accelerate clean, resilient and affordable energy systems, with additional countries able to join over time. The USD 110 million facility is designed to address the region’s heavy reliance on imported fossil fuels for over 90 percent of power generation and slow renewable uptake, with renewables accounting for 11.6 percent of electricity generation in 2022. Regionally, it will aggregate renewable energy projects across countries to reduce costs, increase scale and attract private developers. At country level, it will finance modernization and reinforcement of electricity transmission and distribution networks, including battery energy storage systems, and will mobilize up to USD 120 million in commercial credit through partial credit guarantees to improve access to finance. The facility also includes technical assistance and training on project preparation, regulatory compliance and risk mitigation, and support to design and launch an insurance product with the Caribbean Catastrophe Risk Insurance Facility to protect renewable energy infrastructure against catastrophic events. Financing is provided through the World Bank’s International Development Association, with additional support from the Climate Investment Fund, the Energy Sector Management Assistance Program and the Canada Clean Energy and Forests Climate Facility.
World Bank 2025-04-17
World Bank Board approves USD 110 million Caribbean renewable energy resilience facility with guarantees to mobilize up to USD 120 million
The World Bank’s Board approved a USD 110 million Caribbean Resilient Renewable Energy Infrastructure Investment Facility for Grenada, Saint Lucia, and Saint Vincent and the Grenadines. It aims to reduce fossil fuel reliance by aggregating renewable projects to lower costs and attract private investment, modernize electricity networks, and enhance access to finance. Additional support comes from the Climate Investment Fund, the Energy Sector Management Assistance Program, and the Canada Clean Energy and Forests Climate Facility.