The Renewable Energy Industry in CARIFORUM Countries

COMMENWEALTH OF THE BAHAMAS

RENEWABLE ENERGY INDUSTRY STAKEHOLDER ASSESSMENT

3.2.3 | FINANCIAL INSTITUTIONS

The financial institutions in The Bahamas are not very engaged with the other stakeholders. Commercial banks tend to treat RE requests like any other request and offer no preferential treatment. The RE industry is also quite small and mostly self-financed. Consequently, the FIs currently play no significant role. The FI stakeholder relationships are extrapolated from the other stakeholders which interact with them.

3.2.4 | PRIVATE SECTOR INSTITUTIONS

The Bahamas private sector institutions seek to support the evolution of MSMEs in the Bahamas, maximise the creation of economic impact through strategic partnerships, and by equipping and empowering MSMEs, increase their ability to provide employment, create wealth and drive the development of a robust and resilient economy. They therefore provide advocacy, advice and access to business development opportunities to ensure economic growth and environmental stewardship. There is support for and interest in the RECs. There is an average of 6 REC members ranging from 4 to 9 RECs amongst their memberships. There is adequate capacity to execute their core functions with an average of 20 staff members ranging from 4 to 35 persons per PSI. They are well informed of the existing limited RE support offered by Government and the limited opportunities available due to the lack of legislative support. Their relationship with the other key stakeholders is depicted in the diagram right. PSIs have focused on delivering their mandates with the resources they have and do recognise the changes which are needed in the environment. However, there has been little activity, to signal any shift in government’s priorities.

LEAD GOVERNMENT MINISTRIES

UTILITIES REGULATOR

REGIONAL INSTITUTIONS

PRIVATE SECTOR INSTITUTIONS

FUNDING AGENCIES

FINANCIAL INSTITUTIONS

HIGHER EDUCATION INSTITUTIONS

RENEWABLE ENERGY COMPANIES

Figure 3.8 | Relationships of Bahamas’ Private Sector Institutions

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The Renewable Energy Industry in CARIFORUM Countries