PPF, CRAF Targets Regional Project Developers & Financiers
Gone are the days when Caribbean renewable energy (RE) and energy efficiency (EE) project developers need to look outside the Region for project and business plan refinement or financing. The Caribbean Centre for Renewable Energy and Energy Efficiency (CCREEE) and the CARICOM Development Fund (CDF) are now filling the regional demand for technical and financial assistance for clean energy project development with the launch of the Project Preparation Facility (PPF) and the Credit Risk Abatement Facility. Highlighting opportunities and key benefits, the CCREEE invited regional financiers and partners from CARICOM member States to a PPF and CRAF virtual Information Session, held on March 4, 2021.
The PPF and CRAF support investment in and development of sustainable energy projects in the Region. The PPF provides technical assistance, advisory support, and financial matchmaking for regional energy project developers, investors, and financiers. The CRAF helps ensure sustainable energy investment by supporting local financiers through a credit risk instrument, offering lenders financial guarantees to facilitate additional lending and investment in the energy sector.
The info session featured project overview presentations from the CCREEE’s Project Officer and Gender Expert, Ms. Charlin Bodley and the CDF’s Financial Controller, Mr. Wayne Vitalis. Project Development Associate, Ms. Sapphire Vital also gave a brief overview of the PPF online application process. The hour-long session can be viewed here: http://bit.ly/FinancePFF. The presentation can be found here for PPF: https://bit.ly/2QLhCnV and here for CRAF: https://bit.ly/3vArAae.
The PPF and the CRAF were jointly launched on November 25, 2020, where the CCREEE and the CDF signed a cooperation agreement, combining their efforts to welcome interested project developers and financial institutions to partner with the projects. The Development of these projects was supported by the GIZ implemented, Technical Assistance Programme for Sustainable Energy in the Caribbean (TAPSEC), jointly funded by the German Federal Ministry for Economic Cooperation and Development (BMZ) and the European Union (EU).