Financing Approved for Project to Cut Bahamas Government’s Street Lighting Costs and Save Millions Annually
The Caribbean Development Bank (CDB) has approved funding for a project which will see 30,500 existing street lights replaced with energy-efficient light-emitting diode (LED) lighting. The project is expected to reduce the cost of street lighting to The Bahamas Government by about 20 per cent when it is implemented, saving the country approximately US$3 million a year.
The CDB is providing US$14.5 million through a loan to the Government which will cover project preparation assistance, infrastructure works, engineering services, goods and project management associated with the initiative. Of that, US$8.9 million comes from resources provided to CDB by the European Investment Bank (EIB) under the Climate Action Line of Credit (CALC). The Bahamas Power and Light Company (BPL) will implement the project.