Government???s initiative to support energy efficiency and renewable energy projects in local businesses is reaping success with 18 loans being approved so far under its Energy Efficient Retrofit and Renewable Energy Finance Facility.
Officials of the Energy Smart Fund, Enterprise Growth Fund Limited and the Inter-American Development Bank (IDB) today paid a site visit to Barbados Beach Club, one of the companies participating in the initiative, to get a first-hand look at some of the energy saving measures which the 110 room, all-inclusive hotel has implemented since accessing the loan.
Project Manager of the Fund, Keisha Reid, disclosed that of the $12 million allocated to the Facility, $10.6 million in loans had already been approved and an additional $1.5 million were currently being reviewed.
To date, about $5.9 million has been disbursed and 12 of the applicants have practically completed the installation of the photovoltaic systems, totaling 626 kilowatts of distributed energy.
The loan of $1.5 million to Broomes Holdings Inc., which owns Barbados Beach Club at Maxwell Coast Road, Christ Church, has been used to install a 50 kilowatt photovoltaic system and energy efficient retrofits at the Resort, including
LED lighting, dual motion and radiation sensor switches, VRF energy star ductless split air conditioners and 110v flat screen LED televisions. Managing Director, Felix Broomes said that this had resulted in a reduction in energy costs of at least 40 per cent.
For more information on the Energy Efficiency Retrofit and Renewable Energy Finance Loan Facility, interested persons may contact the Enterprise Growth Fund at 417-5900 or e-mail finance@egfl.bb or contact the Energy Division at 434-2505 Ext. 2554 or e-mail smartfund@energy.gov.bb.
The Energy Finance Facility is administered by the Energy Smart Fund in the Division of Energy in collaboration with the Enterprise Growth Fund. The IDB provided the funding which Government used to capitalise the Energy Smart Fund.
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