Sol Ecolution and Blue Circle sign MOU to Construct Solar Energy Projects Across Barbados

July 6, 2022 – Sol Ecolution (Barbados) Ltd. (“Sol Ecolution”), the renewable energy and low carbon business unit of Sol Petroleum, and BC Energy (Barbados) Inc. with BC Energy Projects (Barbados) Inc. (together “Blue Circle Energy”), are pleased to announce that they have signed a Memorandum of Understanding (“MOU”) to jointly advance the development and construction of a portfolio of renewable energy projects in Barbados which Blue Circle currently has under development (the “Portfolio”).

Under the terms of the MOU, Blue Circle Energy will develop the Portfolio through the pre-construction phase, and partner with Sol through the construction process. Sol will fund project construction, as well as operate and maintain the projects through their 20-year lifespan. The Portfolio comprises approximately 50 single-axis tracking, ground-mount solar projects, called ‘Community Solar Gardens’, located across all eleven parishes in Barbados. The majority of the Portfolio is currently in the licensing and permitting stages. Pending receipt of regulatory approvals, these projects are expected to be constructed in phases between 2022 and 2025. Once completed, the portfolio of Community Solar Gardens is expected to produce up to 30MW of total generation capacity. The distributed nature of the portfolio will minimize short-term impacts to the electrical grid and facilitate additional grid support and resilience opportunities long-term.

“This is one of many steps we are taking to advance our decarbonization strategy and support Barbados in the transition towards increased renewable energy,” said Roger Barrow, General Manager for Sol Barbados. “Designed to integrate with each community’s natural and agricultural heritage, once operational, these Community Solar Gardens will generate sufficient energy to power over 6,000 homes and represent an exciting opportunity to significantly advance Barbados’ 2030 renewable energy objectives.”

Minister of Energy, Kerrie Symmonds, emphasized the importance of Community Solar Gardens in advancing Barbados’ renewable energy objectives: “Community Solar Gardens advances Barbados’ renewable energy objectives in a meaningful way through the development of solar energy projects, the facilitation of Barbadian investment in renewable energy assets and the grant of an investment interest to local schools. This aligns closely with the key priorities of our National Energy Policy – to advance renewable energy while also democratizing the energy sector in Barbados.”

Investment Opportunities for Barbadians

Sol and Blue Circle Energy recognize the democratization of energy generation infrastructure is of critical importance to Barbados, as evidenced by the requirement for all renewable energy projects to have at least 30% Barbadian ownership. As such, Sol and Blue Circle are actively exploring options to facilitate investment by Sol Barbados employees, local pension funds, credit unions and cooperatives in this vital energy infrastructure.

Providing an income stream for Educational Institutions

Sol and Blue Circle have also agreed to grant local educational institutions an investment interest in Community Solar Gardens. This will provide participating schools with a 20-year cash flow to invest in enhanced sustainability and renewable energy programming for their students. “Globally and in Barbados, there is a massive renewable energy transformation which requires not only investment in infrastructure, but also in people.” said Cameron Steinman, President for Blue Circle Energy. “There is a wonderful opportunity for Barbados to become a long-term regional centre of excellence in the development, design, construction and financing of renewable energy within the entire Caribbean. This all starts with education, and this 20-year annuity for schools derived from the income from these Community Solar Gardens will help ensure that green energy programming is being delivered into classrooms for many years.” Sol and Blue Circle Energy will also further invest in their existing scholarship and technical internship programs.

Description of Blue Circle

Blue Circle Energy is a Barbados-based renewable energy developer that empowers communities to benefit from their own renewable energy future. We develop Community Solar Gardens — medium-scale solar energy generation projects which integrate within the community’s natural and agricultural heritage while providing for local engagement and ownership.

Description of Sol Ecolution

Sol Ecolution delivers on Sol’s commitment to energize the communities in which we operate by facilitating the development of renewable and low carbon energy solutions. Sol Ecolution is actively exploring commercial and utility-scale development opportunities in solar, energy storage, wind, hydrogen, and other emerging technologies.

The Sol Group is the largest provider of energy solutions in the Caribbean region, with operations spanning 22 countries across the Eastern Caribbean, Puerto Rico, Dominican Republic, Bermuda, Bahamas, Cayman, Belize, Guyana, Suriname, French Guiana, Martinique and Guadeloupe. Sol supplies fuels, lubricants, bitumen and LPG through an extensive service station network, with marine, aviation and commercial operations in the Caribbean. Sol and Sol Ecolution are committed to powering our region’s journey towards a more sustainable energy future.

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Forward-Looking Statements

Certain statements contained in this media advisory constitute forward-looking information and statements (collectively, “forward-looking statements”). When used in this media advisory the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “pursue” and similar expressions are intended to identify forward-looking statements. In particular, this media advisory contains forward-looking statements with respect to, among other things, the development and construction of the renewable energy projects constituting the Portfolio and the timing thereof; the number of projects that make up the Portfolio; the expected generation capacity and other benefits of the Portfolio projects; the details of the arrangement between Sol Ecolution and Blue Circle regarding completion of the Portfolio projects; opportunities to provide for Barbadian participation in the Projects; and the providing of an investment interest in the Projects to certain educational institutions.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this media advisory should not be unduly relied upon. These forward-looking statements speak only as of the date of this media advisory. Sol Ecolution and Blue Circle do not undertake any obligations to publicly update or revise any forward-looking statements except as required by law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks, assumptions and uncertainties including, but not limited to, general economic, market and business conditions, including the duration and impact of the COVID-19 pandemic; the ability of the parties to reach final commercial arrangements in respect of development and completion of the Portfolio projects; the ability to obtain all required licenses, permits and other third party consents for the Portfolio projects; the ability to achieve local ownership requirements in respect of the Portfolio projects; and other factors, many of which are beyond the control of Sol Ecolution and Blue Circle. The forward-looking statements contained in this media advisory are expressly qualified by this cautionary statement.