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Investment premiums for renewable energy sector


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Investment premiums for renewable energy sector
Minister of Energy, Small Business and Investment Kerrie Symmonds. (Picture by Jameel Springer)

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Government has moved to encourage local investment by Barbadian entrepreneurs in the local renewable energy sector.

In a Ministerial Statement in the House of Assembly yesterday, Minister of Energy, Small Business and Investment Kerrie Symmonds announced an Accelerated Investment Premium Programme.

This was designed to incentivise the sector and promote and encouraging local investment by Barbadians and position them to have a stake in and benefit financially from the greening of Barbados.

The programme will take the form of a 25 per cent premium for investments made in solar and wind technology systems above one megawatt and up to three megawatts and a 20 per cent premium for investments made in solar and wind technology systems above three megawatts and up to five megawatts.

The investment premiums will be applied to the prevailing tariff rates applied by the Fair Trading Commission and will continue for 12 months.

Monday’s sitting of Parliament lasted for just half an hour. Leader of Government Business, Education Minister Santia Bradshaw announced an Easter adjournment and a resumption on May 4. (GC)