- March 23, 2021
RF Merchant Bank & Trust (Barbados) Ltd. (“RF”) announced today that it acted as exclusive financial advisor and placement agent to Williams Renewable Energy (Two) Limited (“WREL#2”), a wholly owned subsidiary of Williams Caribbean Capital (WCCB) focused on alternative energy, and that it had successfully completed a fund raise of BBD $14m in Green Energy bonds.
“RF was happy to work with the WCCB group again on these new Green Energy Bonds and we believe that the project will have a significant impact in Barbados” stated Jillian Nunes, RF Vice President and Barbados Country Head, “There is increased interest for this type of socially conscious investment, and we hope to see more organizations looking to fund climate-related or environmental projects.”
The latest round of funding will allow WREL# 2 to finance additional PV Solar assets in Barbados in partnership with other local Barbadian persons and businesses, across various roofs and lands. This marks the completion of the first stage of an expected BBD$34m offering. The second round will also be in the form of Private Placements in Barbados later this year.
“We are delighted to work with RF for yet another successful round of funding. Their knowledge and experience have been a tremendous asset,” commented Ciaran Burke, Co-Founder & Co-Managing Director, Williams Caribbean Capital “We look forward to doing more business with RF in the near future and to match local funds to build locally owned renewable energy systems.”
Founded in 2017 and based in Barbados, WCCB has created the Caribbean’s foremost solar energy business developing its initial PV Solar assets through its subsidiary Williams Renewable Energy Limited. RF assisted in this initial fund raising in 2018 with a total of BBD $23.5m. This became the first certified Green Energy bond in the Caribbean.
Jillian Nunes, RF Vice President and Barbados Country Head
Ciaran Burke, Co-Founder & Co-Managing Director, Williams Caribbean Capital