Lucayas Solar Power Ltd, a Bahamian solar company, has begun operating its 6-MW Fairfield solar farm on the island of Grand Bahama.
IDB Invest Grants $11.2M Loan for Lucayas’ Solar PPA
IDB Invest, a member of the Inter-American Development Bank, has provided a senior loan of up to USD 11.2 million (EUR 10.5 million) to Lucayas. This financing supports a 25-year power purchase agreement (PPA) that the company secured with Grand Bahama Power Company Limited, the island’s sole power utility.
The PPA covers the energy output from the Fairfield farm and another grid-tied solar project developed by Lucayas called Devon, which will have an installed capacity of approximately 5 MW. Both projects are located in Freeport, a city on Grand Bahama.
Fairfield Solar Plant to Cut 5,000 tons of CO2 annually
The Fairfield solar farm is expected to reduce CO2 emissions by over 5,000 tons annually, totaling nearly 150,000 tons over the 25-year term of the PPA.
Ready to make big Profits?
The solar Industry is Booming
WE HELP NEWCOMERS to the solar industry start their own solar module production line. Customers can make BIG PROFITS by selling modules and finding investors, without wasting money and time on things they don't need!
Image: Collected
This financial support is designed to create a market for clean energy in the Caribbean, reduce greenhouse gas emissions, and promote economic growth by stabilizing electricity prices.
IDB Invest Enhances Gender Diversity in the Solar Sector
IDB Invest is also leading efforts to improve gender diversity and technical expertise within the solar photovoltaic sector. The project aims for at least 10% female representation in non-traditional roles, like mechanical and electrical work, and has already employed 13 women out of 69 workers. These initiatives provide skills training and academic opportunities while challenging societal norms about career paths.
This innovative initiative supports four United Nations Sustainable Development Goals: Affordable and Clean Energy (SDG 7), Decent Work and Economic Growth (SDG 8), Industry, Innovation and Infrastructure (SDG 9) and Climate Action (SDG 13).
Lucayas Solar Power’s Commitment to Sustainability
A subsidiary of the Bahamian company Inti Corporation Ltd and part of the U.S.-based Inti Global Energies LLC Group, Lucayas Solar Power Ltd specializes in solar energy solutions. The company designs, installs, and maintains solar power systems for residential, commercial, and industrial clients, with a mission to promote sustainable energy through efficient and cost-effective solutions.
