CARIF Market News - Page 9 of 30

IDB Invest and GCF launch Caribbean Net-Zero and Resilient Private Sector Program with US$118.9 million funding
August 1, 2024
IDB Invest, in partnership with the Green Climate Fund (GCF), is launching the Caribbean Net-Zero and Resilient Private Sector Program to promote greenhouse gas emission reductions and climate-resilient investments in the Caribbean. The GCF has approved up to US$118.9 million in funding for this initiative. The program aims to boost private sector investment in climate […]
Guyana signs US$8.6 million contract for National Control Centre of Gas-to-Energy Project
August 1, 2024
The Guyanese government has signed an US$8.6 million contract with Power China to build the National Control Centre for the Gas-to-Energy (GtE) project. The building will be crucial for managing the GtE project and is expected to be completed within 13 months. The project aims to reduce electricity costs by 50% by 2025. Source: Oil […]
Barbados to launch BESS procurement to address grid capacity issues and advance solar projects
August 1, 2024
The Barbados Ministry of Energy and Business is hosting a three-day workshop to finalize plans for acquiring Battery Energy Storage Systems (BESS). This is a key step to resolve grid capacity issues and advance stalled solar projects. Source: Business Barbados
DOE loan guarantee to finance Puerto Rico’s largest solar and battery storage project
August 1, 2024
The U.S. Department of Energy has announced an US$861 million loan guarantee to finance 200 MW of solar and 285 MW of grid storage in Puerto Rico. This initiative will support the construction of two solar farms and two stand-alone battery storage systems on the island’s southern coast. The project is led by Flexible Energy […]
Hurricane Beryl triggers record US$44 million payout to Grenada from regional catastrophe insurance fund
July 19, 2024
Hurricane Beryl’s recent impact on the Caribbean led to a record US$44 million payout to Grenada from the Caribbean Catastrophe Risk Insurance Facility (CCRIF). This payout includes US$42 million for cyclone insurance, US$1.1 million for fisheries insurance, and US$549,000 for excess rainfall. Source: Insurance Journal
Dominican Port Authority announces construction of Barahona Port
July 19, 2024
The Dominican Port Authority (Apordom) announced the construction of the Barahona port is underway. The port is funded by a US$2 billion public investment sourced from the entity’s revenues. Source: Dominican Today
Nassau Cruise Port plans US$35 million waterpark to enhance family-friendly amenities and attractions
July 19, 2024
The Nassau Cruise Port plans to build a US$35 million waterpark complex to offer more family-friendly amenities and differentiate itself from other port facilities in the Caribbean. Source: Travel Weekly
Construction of waterfront condo commences in Grand Cayman
July 19, 2024
Construction of a waterfront condo project, Catalina Bay, is now underway in Grand Cayman’s North Sound. Source: CaribJournal
Caribbean launches SIDS 2.0 initiative to transform small island developing states into digital states
July 19, 2024
The Caribbean is launching the SIDS 2.0 initiative to transform Small Island Developing States (SIDS) into Small Island Digital States. This project aims to accelerate digital integration and innovation by creating a collaborative framework. The initiative includes self-assessments, action plans, and prioritizing interventions. Source: UNDP