EIB Backs Barbados Solar-Hydrogen Storage with Grants

• EIB backs Barbados' leap to green energy with the RSB project, integrating solar and hydrogen to revolutionize the island's power grid and cut fossil fuel reliance by 50%.

The European Investment Bank (EIB) announced its support for the Renewstable Barbados (RSB) project, a solar and green hydrogen initiative in Barbados, through a mix of guarantees and investment grants. Developed by Hydrogene de France SA and involving French fuels distributor Rubis SCA, which acquired a 51% stake in 2022, the project aims to establish the first green hydrogen storage site in Barbados. Located in Saint Philip Parish, the facility will integrate solar power production with on-site green hydrogen storage.

The RSB project is designed to replace 13 MW of imported fossil-fuel generation, significantly boosting renewable energy penetration on Barbados' national grid by nearly 50%. It has already garnered support from the International Finance Corporation (IFC), IDB Invest, and the Green Climate Fund (GCF), highlighting its potential impact on the island's energy landscape. This initiative marks a significant step towards sustainable energy solutions in the Caribbean region.

How will the Renewstable Barbados project transform the island's energy landscape?

• Reduction in Fossil Fuel Dependence: The Renewstable Barbados project will significantly reduce the island's reliance on imported fossil fuels by replacing 13 MW of fossil-fuel generation with renewable energy sources. This shift will not only decrease greenhouse gas emissions but also enhance energy security and stability.
• Increased Renewable Energy Penetration: By integrating solar power production with green hydrogen storage, the project will increase the share of renewable energy in Barbados' national grid by nearly 50%. This substantial boost will help the island meet its renewable energy targets and contribute to global climate goals.
• Pioneering Green Hydrogen Storage: As the first green hydrogen storage site in Barbados, the project will position the island as a leader in innovative energy solutions in the Caribbean. This pioneering effort could serve as a model for other island nations looking to transition to sustainable energy systems.
• Economic and Job Growth: The development and operation of the RSB project are expected to create jobs and stimulate economic growth in Barbados. By investing in renewable energy infrastructure, the island can attract further investments and develop a skilled workforce in the green energy sector.
• Energy Resilience and Reliability: The integration of green hydrogen storage will enhance the resilience and reliability of Barbados' energy supply. By providing a stable and sustainable energy source, the project will help mitigate the impacts of energy price volatility and supply disruptions.
• Support from International Financial Institutions: The backing from prominent organizations such as the European Investment Bank, International Finance Corporation, IDB Invest, and the Green Climate Fund underscores the project's credibility and potential for success. This support can facilitate further international collaboration and funding opportunities.
• Environmental and Health Benefits: By reducing reliance on fossil fuels, the project will contribute to improved air quality and public health on the island. The transition to cleaner energy sources will help protect Barbados' natural environment and promote a healthier living environment for its residents.
• Catalyst for Regional Energy Transition: The success of the Renewstable Barbados project could inspire similar initiatives across the Caribbean, accelerating the region's transition to renewable energy. By demonstrating the viability and benefits of integrating solar and green hydrogen technologies, Barbados can lead the way in regional energy transformation.