Williams Renewable Energy Limited (“WREL”) has created the Caribbean’s foremost solar energy business beginning with the deployment of 12 MWp of PV Solar funded via a BDS$40 million (US$20m) green energy bond program. BDS$19m has been raised to date with the planned issuance of the remaining BDS$21m by mid-2020 continuing in November 2019 with a BDS$5m raise to deploy a further 1.25 MW.
This “Green” project will not only be good for the bond Investors, but it will also be very beneficial to the island of Barbados in reducing imports of fuel and reducing the islands carbon footprint. Investors can use their investment in “Green” bonds to promote the fact that they are acting on climate change and behaving in a socially responsible way.
The Climate Bonds Standard Board approved the Certification of the Williams Renewable Energy Limited Fixed Rate Notes. Rigorous scientific criteria certified that WRELs bonds are consistent with addressing the 2 degrees Celsius warming limit in the Paris Agreement. This certification scheme is used globally by bond issuers, governments, investors and the financial markets to prioritise investments which genuinely contribute to addressing climate change.
This is the first Certification in the Caribbean.
WCCs had two separate green bonds programs.
June 2019. Williams Renewable Energy. BBD$19m raised and deployed to fund 6.9 MW of PV Solar in Barbados.
Jan 2021. Williams Renewable Energy #2. BBD$34m program of which BBD$14m was raised in Feb 2021 and the remained will be raised later in 2021 to fund 8.7 MW of PV Solar in Barbados
| Date of Issue | Type of Instrument | Size | Tenor | Country of Issuance | CLIMATE BONDS SECTOR CRITERIA | VERIFIER'S REPORT | Annual Report | Further Information |
| June 2019 | Private Placement |
BBD 19m (US 8.5m) |
2, 4, 8 years | Barbados |
Solar |
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| January 2021 | Private Placement |
BBD 34m (US 17m) |
2, 4, 12 years | Barbados | Solar | uses same pre issuance verification as above, as Programmatic Certification |