May 7, 2024
Fairfield Solar Plant begins operations today as one of the two solar plants in Grand Bahama developed by Lucayas Solar Power Ltd. Fairfield is the first solar plant in The Bahamas financed by IDB Invest under a power purchase agreement (PPA) framework and will foster sustainable growth in the country through renewable energy.
The project is expected to cut over 5,000 tons of CO2 emissions per year and close to 150,000 tons over the 25-year life of the PPA.
In 2023, IDB Invest closed a senior loan for up to US$11.2 million to Lucayas Solar Power Ltd. to sell energy to Grand Bahama Power Company Limited. The purpose was to develop a market for clean energy sources in the Caribbean and reduce greenhouse gas emissions while fueling economic growth by stabilizing the price of electricity.
Additionally, IDB Invest is providing advisory services to increase women’s participation and technical skills in the solar photovoltaic sector. The goal is to achieve a minimum of 10% female participation in non-traditional roles such as mechanical and electrical work in the construction and installation of solar panels. A total of 13 women have been hired out of 69 people in the workforce. Three of them are in quality control, two in security and eight in mechanical roles.
The project will also provide resources needed to increase women’s participation in the sector, such as increasing skills training and academic opportunities, changing social norms around career paths traditionally geared toward men, and defining the role Gen Z can play in the construction sector.
This deal is expected to contribute to four United Nations Sustainable Development Goals (SDGs): Affordable and Clean Energy (SDG 7), Decent Work and Economic Growth Industry (SDG 8), Industry, Innovation and Infrastructure (SDG 9) and Climate Action (SDG 13).