IDB Invest, a member of the Inter-American Development Bank (IDB) Group, approved a revolving credit facility of up to US$2 million to Caribbean LED Lighting Inc. (CLL) in Barbados.
The facility will facilitate access to finance for the private sector, and will be used to expand the operations of the company within the Caribbean region and to finance its working capital needs.
Through this financing, the company is expected to increase the number of LED streetlights installed in the CARICOM region, and reduce streetlight energy consumption and CO2 emissions. In 2019, CLL reduced 1,334 tons of CO2 emissions and approximately half the electricity used to power the streetlights (4.9 GWh/year). These numbers would increase progressively in the next years and CLL is expected to continue growing its regional footprint by installing more LED streetlights in more islands in the Caribbean.
Aitor Ezcurra, Division Chief for Corporates at IDB Invest, highlighted that it allowed IDB Invest to contribute to the Barbados initiative to become carbon neutral by 2030.
“The main focus of this transaction is energy efficiency, through that we are making sure that problem is properly tackled, one little thing at a time. CLL is not a huge company, but technologically are providing very strong support to see that energy efficiency gradually happens,” said the Division Chief.
