Popular Barbadian Department store goes green? RE Power welcomes Cave Shepherd as Co-Investor in Energy Project
RE Power Barbados Inc., a domestic renewable energy project developer and operator, is pleased to announce that it has successfully concluded an equity investment with long-established Barbadian enterprise Cave Shepherd & Co. Ltd.
RE Power’s focus is on commercial scale wind energy generation with a $25 Million project currently in development. The company’s longer term view is to incorporate energy storage systems for on-demand grid delivery, and to provide a renewable, locally generated source of electricity.
Commenting on Cave Shepherd’s investment, RE Power President Barry Creamer stated: “While the specific details are confidential, I can say that this investment gives Cave Shepherd a meaningful position in our company, and we are pleased to have a strong local partner working with us as we develop our business in Barbados and throughout the Caribbean.”
The Cave Shepherd Group has been actively looking beyond its traditional areas of business for attractive investment opportunities, according to Cave Shepherd CEO John Williams, who adds: “We believe that renewable energy in this Country has a strong future, and that the management team of RE Power Barbados has the kind of experience and track record that meets our investment criteria.”
Commercial scale electricity generation from wind is now a mature, economically viable option, with over 250,000 Megawatts installed worldwide.
Although small by international standards, RE Power’s 5.6 Megawatt wind facility would generate enough electricity to power 4500 homes, while reducing fuel costs by approx. $3,000,000 a year, and also eliminating 10,000 tons of carbon dioxide emissions.
The announcement of the alliance, coinciding with Energy Week 2012, represents a tangible step toward the development of Barbados’ Green Economy, with private sector investment committed to creating a secure, indigenous supply of electricity from renewable sources.