BRIDGETOWN, Barbados (CMC) — The Caribbean Development Bank (CDB) has launched a new initiative aimed at helping the Caribbean assess how renewable energy resources, electricity demand, regional interconnection opportunities, and investment pathways can be integrated into a viable regional roadmap.

The initiative, known as the Caribbean Regional Electricity Grid Interconnection and Renewable Energy Scaling Technical Assistance Project (CREGI-RES), marks a turning point in the region’s effort to build a more secure energy future.

It said that by examining the potential for regional integration, including submarine interconnection options, grid reinforcement needs and renewable energy scaling, CREGI-RES can help identify pathways to decrease dependence, lower costs, strengthen resilience to climate change and reduce vulnerability to global fuel price shocks.

“Regional cooperation through this technical assistance unlocks opportunities individual countries cannot achieve alone. The potential benefits could be significant and now must be tested through rigorous analysis,” said L O’Reilly Lewis, the CDB’s director of projects during the launch of CREGI-RES.

The region’s premier financial institution said many Caribbean countries remain highly dependent on imported petroleum for their primary energy needs, resulting in high electricity tariffs.

It said that despite the region’s vast potential in geothermal, offshore wind, solar, and hydropower, renewables still account for only a minimal share of installed generation capacity.

“CREGI-RES will address these challenges through a specialised grid interconnection and renewable energy scaling advisor who will develop a comprehensive regional roadmap covering grid interconnection, renewable energy deployment and power market development.

“The technical assistance is expected to support the establishment of thematic working groups to advance the process alongside regional stakeholder workshops and country consultations, with a focus on removing regulatory and institutional barriers to attract long-term private finance.”

The project is financed through CDB’s Special Funds Resources, with support from development partner contributions, including the European Union Caribbean Investment Facility (EU-CIF) Geothermal Risk Mitigation programme, Agence Française de Développement, and the Canadian Government through the SuRGE programme.

The US$1.5 million project is being implemented through early 2028, with the first roadmap outputs targeted for 2027.

“CREGI-RES is expected to help identify credible investment opportunities that could contribute to increased renewable energy capacity, lower emissions, improved energy affordability, stronger resilience and more inclusive participation in the clean energy workforce.

“These outcomes will depend on the results of further technical, financial, environmental, social, and institutional analysis, as well as future investment decisions by participating countries and financing partners.”

A flagship initiative under CDB’s Accelerated Sustainable Energy and Resilience Transition 2030 Framework (ASERT-2030), CREGI-RES forms part of the CDB’s strategic plan which prioritises investments in green energy across its borrowing member countries (BMCs).