CIBC has built a strong reputation, over more than a decade, as the region’s go-to lender for electric utility providers and Independent Power Producers (IPPs) seeking to bring the benefits of sustainable, renewable energy to the Caribbean.
Renewable energy (RE) refers to energy generated from natural sources and processes that are continually replenished as they are used. Examples of RE sources include solar, wind, geothermal and ocean tidal. RE is also commonly referred to as “green energy”. Within the context of the worldwide response to climate change, green energy sources such as solar- and wind-generated power are particularly desirable as they do not emit greenhouse gases that contribute to global warming.
Many Caribbean governments have announced commitments to growing RE use and decreasing dependence of their economies on fossil fuels. These initiatives will deliver benefits beyond simply a healthier and more sustainable environment. Increasing use of green energy sources will conserve valuable foreign exchange, make national energy grids more resilient, expand energy access by consumers and businesses, help to lower energy bills and create jobs.
