The Inter-American Investment Corporation (IIC) has signed its first solar photovoltaic (PV) project in The Bahamas with the Caribbean Bottling Company (CBC). The US$1 million loan will finance the installation of a rooftop solar PV system at CBC’s main bottling plant in Nassau.
In addition to being the IIC’s largest commercial-scale solar PV installation in The Bahamas, this project will improve CBC’s financial strength and competitiveness by reducing electricity costs.
The US$1.0 million IIC loan will support a larger investment by CBC for roof mounted solar PV panels, inverters, racking and installation. The loan offers a tenor of 8 years. In addition to long-term financing, the IIC provided the CBC with an energy efficiency study to identify ways to mitigate carbon emissions and operating costs.
The Inter-American Investment Corporation (IIC), a member of the Inter-American Development Bank Group (IDB Group), is a multilateral development bank committed to supporting the private sector in Latin America and the Caribbean. The IIC finances sustainable enterprises and projects to achieve financial results that maximize social and environmental development for the region. With a current portfolio of $7 billion under management and 330 clients in 20 countries, the IIC works across sectors to provide innovative financial solutions and advisory services that meet the evolving demands of its clients.
Caribbean Bottling Company, and its predecessor companies, have been the producers and distributors of Coca-Cola, and their affiliated brands in The Bahamas for 80 years. The original factory was located on Mackey Street, Nassau. In 1965 a fire destroyed the plant and a new plant was subsequently constructed on Thompson Boulevard in the late 1960s. CBC was located at the Thompson Boulevard plant until 2011 when the current facility became operational on Sir Milo Butler Highway. With offices in Freeport, Grand Bahama and Turks and Caicos Islands as well, CBC employs over 200 individuals and produces over 50 different products, including Dasani water.