26 November 2020 | CDF and CCREEE Jointly Launch Facilities to Support the Development and Financing of Sustainable Energy Projects
The CARICOM Development Fund (CDF) and the Caribbean Centre for Renewable Energy and Energy Efficiency (CCREEE) today strengthened their partnership when the two regional institutions jointly launched two facilities intended to support sustainable energy projects within the Caribbean Community (CARICOM).
The launch – held under the theme, “Accelerating Sustainable Energy Solutions: From Ideas to Investments” – featured the CCREEE Project Preparation Facility (PPF) and the Credit Risk Abatement Facility (CRAF), an intervention of the CARICOM Development Fund (CDF). The CCREEE PPF is established with a view to tackle barriers to the development of high-quality sustainable energy projects across CARICOM, while the CRAF seeks to incentivize additional lending from local financing institutions for renewable energy and energy efficiency interventions in CDF Member States.
“The two facilities go hand in hand,” said CCREEE’s Executive Director, Dr Gary Jackson, adding: “This is regional integration and collaboration at its best. The CCREEE – through the PPF – provides technical assistance and advisory services to move sustainable energy projects along the pipeline towards investment readiness and therefore implementation. The CDF addresses financial constraints to the execution of these projects, by way of the CRAF. In this partnership, we have come together to address these gaps, for the benefit of Caribbean people.” Dr Jackson highlighted that all work, within the context of CARICOM institutions, must be people-focused.
Noting that the CRAF was developed with the support of Camco Clean Energy, CDF’s Chief Executive Officer Mr Rodinald Soomer, too remarked on the necessity of partnerships. Mr Soomer said, “The CRAF is premised on the recognition that stimulating increased levels of financing for renewable energy and energy efficiency investments requires the building of partnerships between banks and other financing institutions, small and medium sized businesses and energy services providers, enabled by regional institutions such as the CDF and CCREEE, working in an integrated manner to strengthen the entire energy ecosystem. These strengthened partnerships will significantly enhance the efficient operation of the market for sustainable energy financing and technical services to the private sector.”