CDF funds Solar PV Project at AIA
The Government of St Vincent and the Grenadines (SVG) has signed an agreement with the CARICOM Development Fund (CDF) for a concessionary loan to be used for the establishment of a Solar Photovoltaic Renewable Energy Project at the Argyle International Airport (AIA).
Present at the official signing ceremony at the AIA site on Thursday, August 25 were Prime Minister Dr Ralph Gonsalves, along with{{more}} CDF chief executive officer Rodinald Soomer and CDF legal counsel Arden Warner. Also in attendance were chief executive officer of the IADC Dr Rudy Matthias and the acting chief executive officer of the St Vincent and the Grenadines Electricity Services Ltd (VINLEC), Dr Vaughn Lewis, and other officials.
In his address, Dr Lewis outlined technical details relating to the project, noting that once established, the Solar PV project is expected to produce some 1,000 kilo watts of electricity, enough energy to power over 200 households. Lewis also highlighted the fact that this type of project requires no large infrastructural work and will likely be a cost-effective venture as the technology, he posited, âhas reached conventional levels.â
Offering remarks on behalf of the CDF, CEO Rodinald Soomer said that the concessionary loan facility represents the fourth such agreement signed with the Government of SVG, with a total value of US$8.2 million, which converts to a contribution ratio of 4:1, which he said is a great multiplier effect to benefit SVG.
Prime Minister Gonsalves noted that SVG has previously received funding amounting to US$630,000 through the CDF for the procurement of the stone crushing plant, which was utilized during the construction of the AIA. For this renewable energy project, Gonsalves estimated that the AIA stands to benefit greatly from the reduction in energy costs to run the facility, which he has been advised, is likely to be between XCD$3 and 3.5 million.
Gonsalves explained that the Solar PV Project is expected to be managed and operated by local electricity services provider VINLEC, as that company has had considerable experience working with such technology, as they have implemented similar projects which are currently operational at several of the companyâs facilities.(API)
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