Castries

Renwick & Company Ltd., a leading distributor in Saint Lucia, has become the first business in the country to receive a Credit Risk Guarantee under the Credit Risk Abatement Facility (CRAF) a key initiative of the CARICOM Development Fund (CDF).

The partial guarantee, which supports a loan of approximately $0.9 M XCD was approved on 24 June 2022, making Renwick the first SME in the region to move from technical assistance to actual financing under the CRAF framework.

The financing supports the implementation of a 75-kilowatt (kW) solar photovoltaic (PV) system across the company’s facilities, enabling a projected annual energy savings of 29,519 kWh and a reduction of more than 11.8 metric tonnes of CO₂ emissions per year. The investment will improve operational efficiency while reinforcing the company’s commitment to sustainability.

This milestone marks the transition of CRAF from a pipeline development facility to a financing catalyst, demonstrating how targeted technical and financial tools can support private-sector leadership in the region’s energy transition.

CRAF’s Credit Risk Instrument is designed to de-risk renewable energy and energy efficiency investments by covering part of the risk faced by local lenders. Through this mechanism, more businesses can access financing for clean energy solutions that support CARICOM’s climate and development goals.

Renwick & Company’s progress signals what is possible when data-driven planning, policy alignment, and financial innovation come together to support real economic transformation.