Republic dedicated to the preservation of the environment
Republic Financial Holdings Limited (RFHL) is on track to achieve its sustainable banking goals as part of its commitment to the United Nations Environment Program Finance Initiative (UNEP FI), the Principles of Responsible Banking.
The regional banking giant joined the global initiative on September 25, 2020 and has since taken a leadership role across the region in an effort to create more sustainable communities for the benefit of present and future generations in the Caribbean.
âThe Republic’s commitment to the environment is real and is set out in the Principles for a Responsible Bank, which are based on the main elements to be retained from the 2015 Paris Agreement and the Sustainable Development Goals (SDGs) ) of the United Nations, âsaid Nigel Baptiste, President and CEO of RFHL. .
More recently, the Group, through Republic Bank (Barbados) Limited, financed four wind turbines in Ashford, St. John, Barbados, through a partnership with Panava Energy Limited.
Pavana Energy Ltd, a Barbados-based renewable energy company and pioneer in the development of clean energy projects, has launched a four-megawatt wind turbine on the east coast of the island, with funding from Republic Bank (Barbados ) Limited.
The facility has the capacity to generate electricity that can meet the electricity needs of 500 to 1,000 homes per year.
The Bank has become Pavana Energy’s primary financial partner for the green power installation, which includes four state-of-the-art wind turbines located in Ashford, St John.
They generate electricity that will be sold to the Barbados Light & Power Company under a long-term binding contract.
John Clarke, Managing Director of Credit and Corporate Risks at Republic Bank, who guided the arrangement, explained: Barbados, where one of the principles we have adopted is affordable and clean energy.
âThere is currently a dependence on solar as the main source of renewable energy production, but countries that switch from traditional sources to renewables tend to want to rely on more than one form of energy. renewable energy, and therefore, wind is another way. diversify sources of renewable energy.
Omar Allahar, Civil and Structural Engineer and Executive Chairman of Pavana Energy Ltd., congratulated the Republic Bank team for their support in taking their clean energy plan from idea to viable business development .
âI would recommend anyone interested in renewable energy financing to choose Republic Bank. They will explain all the challenges and advantages, as well as how to finance these projects economically.
Baptiste added that it is the Group’s intention to âspearheadâ the Principles of Responsible Banking in the Caribbean, encouraging other institutions to follow suit. (RP)