Foreign investors are lining up to pump millions of dollars into Barbados’ fledgling renewable energy sector but they’re waiting for the relevant legislation to be passed before they let go of their money.
Prime Minister Freundel Stuart, who made that assertion, indicated that he will meet today with officials from the Barbados Light & Power Co. Ltd. to discuss the final draft of the amended Electric Light and Power Act – which facilitates and regulates the supply and use of electricity for lighting and other purposes – with a view to piloting it in the House of Assembly when it resumes mid-October.
“They are chomping at the bit to invest in this renewable energy sector. When I was last in Toronto some people asked to see me and they said they had about $300 million to invest in renewable energy and they just wanted to make sure that the legislative infrastructure in Barbados was what it should be. We get those inquiries all the time,” he said while addressing the Barbados Workers’ Union 72nd annual delegates’ conference on Saturday.
Stuart explained that in order to trigger the investments, the legislative foundation must first be laid. (DP)
