Today marks the inauguration of the Fairfield Solar Plant, one of the two solar facilities developed by Lucayas Solar Power Ltd. in Grand Bahama. This milestone signifies the advent of renewable energy in The Bahamas, propelled by a power purchase agreement (PPA) framework financed by IDB Invest.
Expected to significantly reduce carbon emissions, the Fairfield Solar Plant is projected to cut over 5,000 tons of CO2 annually and nearly 150,000 tons over the 25-year lifespan of the PPA.
In 2023, IDB Invest extended a senior loan of up to US$11.2 million to Lucayas Solar Power Ltd. This financial support aimed to establish a market for clean energy sources in the Caribbean, curbing greenhouse gas emissions while fostering economic growth by stabilizing electricity prices.
Moreover, IDB Invest is spearheading efforts to enhance gender diversity and technical expertise in the solar photovoltaic sector. With a target of achieving at least 10% female participation in non-traditional roles, such as mechanical and electrical work, the project has already hired 13 women out of a workforce of 69. These initiatives include skills training, academic opportunities, and challenging societal norms regarding career paths.
This groundbreaking initiative aligns with 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).
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