CDB funds USD10.6 mn Street Lighting Project in St. Lucia
The Caribbean Development Bank (CDB) has approved USD10.6 million in financing to replace approximately 21,500 street lights across Saint Lucia with more energy-efficient light-emitting diode (LED) lamps. Through the Project, the Government of Saint Lucia will reduce the costly energy consumption and greenhouse gas emissions associated with the existing high-pressure sodium and mercury vapour street lights. “CDB is committed to an agenda of climate resilience and sustainable energy, and is pleased to be investing in Saint Lucia' transition to a lower-carbon economy," said Daniel Best, Director of Projects, CDB. “This Project is a Regional example, with Saint Lucia being the first of our Borrowing Member Countries to replace its entire network of street lamps to a more energy-efficient alternative in a relatively short space of time," he said. Under the Project plan, the new LED street lamps are scheduled for installation by 2018. Operating the existing street lights currently accounts for about a third of Saint Lucia' total yearly spending on electricity. In addition, the country depends heavily on imported petroleum products to power its economy. It is against this backdrop that the Government of Saint Lucia has identified energy efficiency as a major tool for reducing energy consumption. In addition, in its National Energy Policy, Saint Lucia has prioritised using clean and sustainable energy technologies. Through the Street Light Retrofitting Project, the Government of Saint Lucia will reduce its street lighting electricity bill by approximately 58 percent, freeing up funds for national development initiatives; reduce its oil imports; and avoid additional spending on electricity generation to meet growing consumer demands. The Project will provide a grant for the completion of a Climate Risk Screening Study. The Study will help the Saint Lucia Electricity Services Limited (LUCELEC) examine its vulnerability to projected climate change impacts. The Project aligns to the Bank' Strategic Plan 2015-2019 and Energy Sector Policy and Strategy, in which it highlights energy efficiency and renewable energy as priority investment areas for CDB. The Government of Saint Lucia and LUCELEC will also contribute USD1.15 million to the Project.