IDB Invest provided a $50 million corporate loan to Barbados Port Inc. (BPI) to fund upcoming capital expenditures for the modernization of its operations. This deal represents the first IDB Invest financing for infrastructure in Barbados and supports the purchase and installation of a Waste to Energy (WTE) system consisting of a wet-dry incinerator and a steam rankine cycle turbine, the purchase and installation of up to 1.5 Megawatts of additional rooftop photovoltaic solar capacity and repairs and upgrades to the port’s berth #4.

BPI, a commercial state-owned enterprise of the Government of Barbados, operates and manages the Port of Bridgetown. The new equipment will utilize less energy and will reduce pollutant emissions, in line with the Port’s goal of becoming a green, maritime hub. The waste-to-energy component of the incinerator system, along with the additional rooftop solar capacity, will produce an estimated total of 6,347 MWh of electricity in the first year of operation, which will be sold to the privately operated utility, Barbados Light & Power, to offset electricity that would otherwise be sourced from fossil-fuel generated.

With respect to berth upgrades, the financing will be utilized to re-develop, expand and modernize the existing Shallow Draught marina. The project will include new storage and office buildings, commercial unit shops, an open-air market and restaurants, support buildings, improved fuel dock facilities, relocation of the existing catamaran pier to the east side and upgrade of the swell-attenuating structures. The expansion of the Shallow Draught represents an opportunity to foster economic development and job creation, and to diversify both the sources of income for BPI and the tourism product offering.

IDB Invest’s non-financial additionality includes technical assistance to perform a feasibility study of various WTE and PV solar technologies as well as to help BPI in the creation of an Environmental & Social Management System.

This deal is expected to contribute to six United Nations Sustainable Development Goals (SDGs): Affordable and Clean Energy (SDG 7), Decent Work and Economic Growth (SDG 8), Industry, innovation and infrastructure (SDG 9), Reduced inequalities (SDG 10), Responsible consumption and production (SDG 12) and Climate Action (SDG 13).

About IDB Invest

IDB Invest, a member of the IDB Group, is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of $13.1 billion in assets under management and 385 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries.

About The Port of Bridgetown and Barbados Port Inc.

The Port of Bridgetown is the sole commercial sea port in Barbados and handles more than 90% of all goods imported into the Country. Prior to 2003, the Port was operated by the GOB through the Barbados Port Authority. In 2003, BPI was created under the Companies Act of Barbados to allow for private operation of the Port, although it continues to be a 100% commercial State-Owned Enterprise reporting to the Ministry of Maritime Affairs and the Blue Economy. BPI has externally audited financial statements and the GOB does not directly or indirectly guarantee its obligations. The Port operates 24-hours per day, 365 days per year and has approximately 500 employees, including its management team. BPI is currently undergoing ISO 9001 quality management certification and expects to be certified by the end of 2022. The Port of Bridgetown is an award-winning Port, the newest accolade being the 2020 NovaPort Cup, awarded by the Port Management Association of the Caribbean in recognition of outstanding performance in five efficiency key performance indicators: total cargo volume; total revenue generated per revenue ton; total expenses per revenue ton; net profit per revenue ton; and total staff per revenue ton.