Support for Bioenergy and Renewable Energy in the Caribbean: The Project Incubator and Development Fund
The Caribbean: a region rich in resources but lacking financing
The Caribbean region is rich in natural resources sought after by investors in the bioenergy and renewable energy sector (solar, wind, hydraulic, geothermic and other sources of clean energy). However, access to the financing necessary to capitalise on these resources, particularly for companies and entrepreneurs in the region, is limited or simply non-existent.
Innovative tools for SMEs
Creating a Project Incubator and a Development Fund will help Caribbean entrepreneurs and enterprises to fill certain innovation gaps and attract the investment necessary for sustainable energy projects to flourish.
As a result, Caribbean Export launched the “Support for Bioenergy and Renewable Energy in the Caribbean: Project Incubator and Development Fund” project, financed by the European Commission. The aim of the project is to increase productivity and promote the use of sustainable energy in the Caribbean region.
In addition to facilitating access to financial markets, the Fund would propose to Caribbean SMEs in the bio- and renewable energy sector financing directives and procedures based on international best practices and lessons learnt from previous studies and work done.
Twin tracks to achieving the objectives
To speed up the production and use of sustainable energy and to facilitate access to financing, ITC Consulting:
I. Prepared a Feasibility Study
- On the identification of appropriate financing mechanisms and investment opportunities in the renewable energy sector in the Caribbean
- On the structure, establishment and management of an Incubation Fund
- On defining an online platform to provide support for evaluating sustainable energy projects and assistance to candidate companies
- Plan of action for implementation
II. Organised a Forum on Bio- and Renewable Energy in the Caribbean in Guadeloupe which
- Brought together over 100 participants from the Caribbean, Europe, Africa and the Pacific
- Examined options for providing clean energy through SMEs
- Identified appropriate financing mechanisms and investment opportunities in the renewable energy sector in the Caribbean