Dominica and The Bahamas Advance Renewable Energy Projects with Innovative Financing Solutions
Dominica's 10 MW geothermal project has achieved financial close with support from the Caribbean Development Bank and the Green Climate Fund, aiming to provide zero-carbon power for the island's baseload demand. Meanwhile, The Bahamas is launching over $40 million in hybrid energy projects to enhance reliability and reduce diesel dependence. The Caribbean energy sector is also seeing increased investment, highlighted by TotalEnergies' acquisition of a 50% stake in a 1.5 GW renewable asset portfolio in the Dominican Republic and Puerto Rico.
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Dominica's 10 MW geothermal project reached financial close in September 2025, supported by the Caribbean Development Bank and concessional capital from the Green Climate Fund. Developed by Ormat Technologies, the project aims to meet most of Dominica's baseload demand with zero-carbon power.
In The Bahamas, Renugen Pro Limited is initiating over $40 million in hybrid energy projects across Cat Island, Long Island, and San Salvador, utilizing solar PV, battery storage, and natural gas to enhance reliability and reduce diesel use. TotalEnergies has expanded its partnership with AES in the Dominican Republic and Puerto Rico, acquiring a 50% stake in a 1.5 GW portfolio of renewable assets, indicating strong confidence in the Caribbean energy sector. Despite existing risks, including financing gaps and vulnerability to disasters, the region is pursuing reforms to improve project viability, with the inaugural Caribbean Energy Week in Paramaribo focusing on financing innovation and risk management.
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