Business Barbados 2022

projects have received feedback from individual companies and the Barbados Renewable Energy Association and have streamlined their processes. One such example is a new online application system being managed by the Ministry of Energy, Small Business and Entrepreneurship, that will serve as a single-entry point into the renewable energy licencing process. The soft launch was December 1st, 2021 with the full launch scheduled for early 2022. The new online system promises improved efficiency and noticeably shorter timelines. With the maturing of the clean energy market in the coming years, solar PV systems will transition from primarily rooftop projects to ground mounted ones. Rather than a few large, centralized utility scale systems, it is expected that multiple distributed generation projects in the 500kW – 1MW range will be spread out geographically across the island. Such systems will utilize 2 – 4 acres of land area, with sheep grazing beneath the solar panels to provide an agricultural benefit. Another aspect of the expanding sustainable energy sector is the introduction of other energy sources besides solar energy. Onshore wind energy projects are currently under development and offshore wind is being investigated. Biomass will also play a role in reaching the 2030 target. Going into 2022 and towards 2030, the renewable energy industry in Barbados will accelerate towards the 625MW target. The introduction of the Electric Light and Power Act and FIT program has liberalized the energy market for Independent Power Producers (IPPs), opening up a BDS $1 billion a year opportunity. Which means that the utility company is no longer the sole entity generating electricity. Furthermore, their existing fossil fuel based generating systems will be retired. The market is ready for new entrants to produce clean, sustainable electricity for the country. Participation and investment opportunities exist for both local and international interests. Partnerships can be established with landowners on the island to co-develop a solar farm. There is an investment platform in the very early stages of development which will allow investors to invest directly into projects. When more projects are constructed and bundled together into a portfolio, it is anticipated that “solar bonds” will be available as an investment option. Solar power will continue to transform the physical landscape of Barbados along with the financial landscape far into the future. Above: Williams Solar Farm BUSINESS BARBADOS 2022 104 S U N , S A N D , S E A A N D S O L A R