LONDON, May 10, 2021 /PRNewswire/ -- The Government of the Commonwealth of Dominica and the UAE-Caribbean Renewable Energy Fund (UAE-CREF) have announced a deal for a hurricane-resistant clean energy project. The $50 million development in Dominica will support a 5-megawatt/2.5 megawatt-hours battery energy storage system that will aid the island''s clean energy objectives.
The system is forecasted to stabilise the electricity grid and deliver reserve power and frequency control to the extreme weather prone nation. It will also give the people of Dominica secure access to clean, renewable energy and pave the way to achieving the UN Sustainable Development Goals.
In light of the new contract, Prime Minister Dr the Hon. Roosevelt Skerrit conveyed gratitude to the UAE government for their significant contribution to Dominica''s development. "The 5MW battery storage system will enable us to move more quickly to the transition from fossil fuel to renewable sources of energy in the electricity sector. We look forward to continued partnership with the UAE in the area of sustainable development and other areas of mutual interest both bilaterally and multilaterally."
For years, Dominica and its people have prioritised the fight against climate change. With funds from sources like the Citizenship by Investment Programme, the country has supported initiatives like the geothermal plant currently under construction. The plant aims to generate 7MW of clean energy to supply nearly the whole Dominican population and drive the country''s energy mix to 51 percent renewables.
The CBI Programme enables highly vetted foreign investors toobtainDominica''scitizenshipin exchange for aUS$100,000investment to the Economic Diversification Fund (EDF) or US$200,000into pre-approved luxury real estate that also propsDominica''sblossoming ecotourism.
With a clear focus on sustainability,Dominicachannels investments from the CBI Programme into its energy security, infrastructure and housing reinforcement. This puts the ''Nature Isle of theCaribbean'' on track to become "the world''s first climate-resilient nation," as pledged by Prime Minister Skerritafter Hurricane Maria hit the island in 2017.PwCexperts and other government representatives credit the CBI Programme forDominica''srapid recovery post-Maria.
Investors hoping to get approved underDominica''sCBI Programme – classed by FT specialists as theworld''s best for economic citizenship– and wishing to contribute to its journey towards climate resilience can find all the details on the government''s official website.
A 5-megawatt/2.5 megawatt-hours battery energy storage system is slated to provide the Commonwealth of Dominica the necessary reserve power from existing sources of renewable energy in the island in times of calamities and emergencies.
This battery storage system will be connected to Dominica’s national grid, and is anticipated to encourage the use of renewable energy in the Caribbean nation by harnessing the resources from existing hydropower—and even future geothermal sources.
“The 5MW battery storage system will enable us to move more quickly to the transition from fossil fuel to renewable sources of energy in the electricity sector,” said Dr. Roosevelt Skerrit, Prime Minister of the Commonwealth of Dominica.
In a press release, the system is said to “stabilize the electricity grid, provide reserve power and frequency control, and provide an additional level of climate resilience, mitigating the impact of extreme weather events.”
The battery-only project is in part financed by Dominica’s government. The engineering, procurement and construction (EPC) contract that made this project possible is funded by the UAE-Caribbean Renewable Energy Fund (UAE-CREF), the largest renewable energy investment of its type in the region, which is fully financed by Abu Dhabi Fund for Development (ADFD).
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said, “This project will support the stabilization of Dominica''s electricity grid and enable it to achieve its climate resilience goals. The people of Dominica are committed to harnessing the gifts the Earth has given to them – geothermal energy and hydro power – and moving away from fossil fuels. Masdar is committed to enabling them to achieve their clean-energy objectives and leveraging our expertise to demonstrate the critical role renewable energy plays in accelerating economic growth for communities.”
PM Skerrit also expressed his gratitude to the UAE Government. “We look forward to continued partnership with the UAE in the area of sustainable development and other areas of mutual interest both bilaterally and multilaterally,” he said.
The UAE-CREF was launched during the Abu Dhabi Sustainability Week in 2017 as a partnership between the UAE Ministry of Foreign Affairs and International Cooperation (MoFAIC), Masdar and ADFD.
UAE-CREF intends to deploy renewable energy projects in 16 Caribbean countries in three cycles to reduce energy costs, increase energy access, and enhance climate resilience.
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