Summary
For thousands of years, humans have used basic solar systems for sunbathing or drying clothes in the sunlight. Today, people often use solar water heaters and solar ovens, which are also simple solar devices. Over the past ten years, the worldwide solar photovoltaic industry has expanded quickly by 50% (Bethel et al., 2021, p. 1399). More than 29 Gigawatt of new solar photovoltaic equipment was developed globally in 2011, a 70% increase over 2010 (Bethel et al., 2021, p. 1399). Over 69 Gigawatt of power capacity was added globally, 70% of which was in European nations (Bethel et al., 2021, p. 1399). Nearly 73 Gigawatt of new solar power was built globally in 2017 (Bethel et al., 2021, p. 1399). Solar panels, also known as photovoltaic devices, have been employed to convert solar radiation into electrical power during the past few decades. These technologies are now installed in the hopes that they will satisfy energy requirements and advance technology.
Energy companies are still undergoing structural adjustments, which could improve medium-term expectations for investors and exporters. The nation is upgrading the management of the industry and has formed an independent power regulator with legislative powers. A significant U.S. energy business was chosen to complete the project after the national operator, Bahamas Power and Light (BPL), conducted a tender for 150 Megawatt of additional capacity utilizing liquefied gas (Bethel et al., 2021). The 29 electricity-producing facilities dispersed around the nation will need to be upgraded and replaced, among other things, in the medium future (International Trade Administration, 2020). Most plants utilize slower-speed reciprocating engines from previous models and range in capacity from 0.2 to 50 Megawatt (International Trade Administration, 2020). As a result, solar panels make it easier for companies in the Bahamas to operate without having to use tenders.
High energy prices and their unpredictability severely hamper effective manufacturing and economic expansion in The Bahamas. Access to low-carbon emission energy must be prioritized nationally to support inclusive and sustainable growth and other business activities. This is particularly necessary as continued reliance on crude oil and fossil fuels is not a sustainable long-term approach. This is due to market uncertainty globally, high costs of logistics along with CO2 emissions, and the global warming it causes (Tariq et al., 2021). In this sense, it is vital to incorporate the Green Bahamas Energy project.
Networks using renewable power will provide a possibility to lower the price of producing power and can entice support from foreign development agencies to further lower these expenses. The real-life scenario of incorporating renewable energy projects took place in 2012-2016 when the International Development Bank and the International Bank for Reconstruction and Development contributed to power development assistance for countries in the Caribbean (Bethel et al., 2021). As an illustration, clean power was chosen as the best option to boost energy independence in Cape Verde. This is performed even if there can be trade-offs between the advantages of risk reduction and the advantages of reducing poverty of capital invested in renewable technologies.
The main methods for generating energy are photovoltaics, which transforms direct sunlight into power; concentrating solar power, which utilizes concentrated solar electricity to develop large-scale electric windmills, and solar cooling and heating mechanisms. These mechanisms fully exploit concentrated solar power to heat or cool water and oxygen. Photovoltaics will be the chosen energy generating system for Green Bahamas Projects and the solar parks. As a result, the necessary components will be solar panels that generally consist of glass and semiconductors.
As for the end-consumer of the solar parks, these will involve agricultural and tourist sectors that provide the most significance to the Bahamas economy. The Bahamian economy is mainly based on tourism, which accounts for around 50% of the overall Gross Domestic Product (International Trade Administration, 2021). Another sector, accounting for between 15 and 20% of output, is the financial industry (International Trade Administration, 2021). Other relatively small sectors include agriculture, wholesale commerce, fisheries, and manufacturing.
When it comes to the tourism industry, energy is frequently used in tourist and recreation enterprises, such as hotels, recreation areas, gyms, and sports arenas. Energy-intensive daytime uses, including illumination, pools, restaurants, and tourist destinations, are ideal candidates for renewable energy solutions like solar panels (Ásványi et al., 2017). Solar panels are the most preferred sustainable alternative for companies in the hotel, tourist, and leisure industries (Ásványi et al., 2017). Commercial solar panels of the solar part in the Green Bahamas Project can address crucial tasks. They will provide a way to drastically decrease business expenses, predict long-term energy expenditures, and shield local tourism companies from future energy price hikes due to the high daytime energy demand.
Lastly, technology in agricultural fields is advancing quickly to help farmers and provide advances to the farming industry. However, the quick expansion of agricultural farming that is dependent on technology used a significant amount of energy sources. Energy usage also raises the price of producing agricultural goods. Cheaper, more accessible, and plentiful power sources are needed to solve these energy and financial problems (Torshizi & Mighani, 2017). Fortunately, the sun is a vast energy source with sufficient renewable power on it, which can endure for the duration of the planet.
Hence, considering that the Bahamas is a place with much sunlight, there are many possibilities to use solar parks to create personal energy sources. The Bahamas currently depend on the U.S. for energy sources, such as electricity. With the help of the Green Bahamas Project, it will be profitable to utilize photovoltaic systems to retrieve electricity. The end consumers will be the companies vital to the local economy, including the agriculture and tourism industries. With the help of solar panel parks, the companies will reduce their expenses significantly while bringing in more revenue.
Organization Background
The Bahamas was selected as the location for this project because it has a very high percentage of resources available and a lack of access to energy, which is a major problem. The Bahamas need to increase its energy production facilities to decrease its reliance on imported petroleum products. The solar park will be the best choice in increasing their way through this problem while also creating jobs in smaller towns and villages around the island nation. The Bahamas is home to a number of unique energy options, from casinos in the southern islands to wind farms in the central island chain (Costoya et al., 2019). The value of solar projects in the Bahamas is not only financially rewarding, but it also creates a reliable future for the people of the islands.
The Bahamas has a high potential for producing solar power, but it faces two major challenges. Firstly, there are limited transportation and transmission lines across the Caribbean that could be used to deliver electricity generated from offshore wind farms to the mainland. Secondly, historically speaking, the government here has been slow to approve energy projects on land. Mechanisms for accelerating these processes require collaboration between authorities and consultants to speed up innovation and approve relevant optimization solutions (Sampaio & González, 2018). The main benefits of solar parks in this area would be their ability to create local jobs and provide power for other countries with limited natural resources. In the future, more business opportunities will emerge due to the potential influx of investors. In addition, maintenance costs will be reduced, which will also allow available resources to be allocated more efficiently. Today, solar energy alone has become one of the most prominent forms of renewable energy (Vasconcelos et al., 2020). The government has invested heavily in attempts to make wind and sun more dependable, especially given their reliance on imported fuels from Venezuela that have contributed to high inflation rates.
The Bahamas has no power grid and relies on oil-fired generators to provide reliable electricity. The Independent Power Producer Program (IPP) sets up a contracting process for independent power projects that seeks out islands and communities that want to develop their own electricity supply. Under IPP, any interested country or area wishing to build an independent power system can apply to the IPP office in Nassau under the authority of the government of Mexico.
Innovative Idea Description
It is necessary for every citizen to have access to reasonably priced, dependable sources of energy that produce low levels of carbon emissions to encourage economic development that is to the advantage of all people and the environment. Both the high cost of energy and the unpredictability of its supply present significant obstacles to the efficient production of goods and the expansion of the economy in the Bahamas. It is essential to do this due to the instability of the global oil market, the high costs of logistics, and the carbon emissions and global warming caused by the burning of fossil fuels (Tariq et al., 2021). Therefore, it is extremely important to implement Green Bahamas Energy.
The need for solar parks in the Bahamas is urgent. Approximately 20% of the Bahamian population has no access to clean energy, and 40% of the population lives in rural areas with too expensive electricity (Bethel et al., 2021, p. 1399). The government’s goal is to provide truly sustainable energy for all citizens and tourists, but existing solar parks cannot meet those needs. Solar power is essential to the world’s future energy mix, and it can play a major role in ensuring that the islands remain economically viable (Wolfe, 2021). There is likely to be increased participation from international companies wanting to export their products and services, as well as high inward investment, which would generate jobs and rejuvenate the economy. Solar parks are an ideal way to utilize excess solar energy and discharge it into a more useful form. Moreover, such technology can increase competition in the target market, thereby increasing cash flows within the industry. More participants will come to invest in this field, and healthy rivalry will create a dynamic market. Thus, both the public and business organizations will be able to benefit.
The Bahamas has a high potential for solar energy due to its weather, landscape, and population. The country is naturally rich with sunshine and fertile soil, making it ripe for use as a solar park. Solar power has great potential to benefit the countries of the Caribbean, such as the Bahamas. Solar parks are a great way to get solar electricity to the millions of people that do not have access to grid electricity (Peschel et al., 2019). They provide another source of energy, which could be used for heating water or cooking food. Different interested parties can benefit from such an innovative solution. Reducing dependence on importers and developing domestic potential are objective reasons to pay attention to this sector and create appropriate conditions for development. In the case of efficient operations and sustainable investments, the success of the optimization program will pay off in full. The main tasks to be implemented are ensuring the readiness of the domestic market for targeted work and establishing a reliable interaction framework with stakeholders.
Technology Integration Components
The technology proposed for adoption and implementation in this project is photovoltaics. Generally, it converts direct sunlight into electricity, concentrating solar power, which uses solar electricity to develop large-scale electric windmills, and solar cooling and heating mechanisms as the primary methods for producing energy. Photovoltaic is one of the most common types of solar technology (Makaronidou, 2020). Concentrating solar power is another approach utilized in this industry. Photovoltaics will be used as the primary method of energy generation for both the Green Bahamas Projects and the solar parks (Jones et al., 2022). As a consequence of this, the components that are essential will be solar panels, which are typically made up of glass and semiconductors.
The key partners for the deployment of solar parks in the Bahamas include the Ministry of Energy, Washington D.C., USA; The Sustainable Energy Authority of Jamaica, Kingston; and The International Renewable Energy Agency (IRENA), Dubai. The solutions of each of them involve the identification of optimal mechanisms for the production of solar energy through available capacities and resources. Of the aforementioned approaches, the partners are considering photovoltaic technology are one of the most promising ones to harness the power of the sun. This renewable energy source has become extremely technically advanced and attractive for many reasons. It is available in different sizes and also at different prices that can match any budget (Nevins et al., 2019). The key to its cost competitiveness is the efficient use of land for solar parks. To deploy solar parks in the country, it is necessary to identify available land and create policies and guidelines for their management (Nevins et al., 2019). The most important part of all this will be reducing the cost of land acquisition.
The solar parks will be built utilizing a unique, modular design that will allow for easy expansion in the future. Scalable installations capable of producing many Megawatts are possible with this system. The modules will be able to speak with one another and be connected to the internet, which will make it possible for smart devices to monitor the overall health of the system. In addition, battery pack deployment devices will make it possible to quickly locate any damage to a power plant (Louwen & Van Sark, 2020). In order to successfully implement solar parks in the Bahamas, the necessary components of technology and systems must be able to produce clean electricity that is risk-free, dependable, and cost-effective. They also have to be able to meet any and all prospective needs that may emerge due to a sharp increase in the amount of renewable electricity that can be generated.
Operational Environment Description
A strong and trusting network of partners has been built, which includes banks and financial institutions, utilities, and telecommunication companies. The key features of the project include technology licensing for cost-effective deployment of clean energy products, access to capital markets for financing, and experience in regulatory compliance and supply chain management. The project is aimed at providing affordable clean energy and will include a combination of land-based and offshore solar parks. This project uses the latest techniques in grid management with combined solar power and battery storage to maximize the system output. The self-funding nature of these projects eliminates any need for public financing, making them more cost-effective for every holder of an electric bill (Kruitwagen et al., 2021). The project will include a network of solar parks to provide power to the local population. The network will be implemented through a combination of bilateral agreements and multilateral public funding from the Inter-American Development Bank.
The initial investment in the project was to be $5 million, but the topography of the island makes it difficult to construct a solar park. It is expected that the World Bank will ensure stable financing, and the volume of financial aid is estimated at $45/Megawatt. The main target area for this project is to provide affordable energy for the local community while diversifying the economy. The infrastructure needed includes a 162-Megawatt array of photovoltaic panels spread across a total area of 30 acres. It will also be important to replace obsolete equipment that has been in place since the inception of The Bahamas’ power system. This will include switching over to digital meters and software that improves efficiency as well as implementing smart devices such as advanced metering, information access, advanced network management, and remote monitoring systems (Martins et al., 2019). As a result, customer satisfaction will increase tremendously, which will boost sales and generate extra revenues for the government.
The project will use an operational environment characterized by a shared knowledge and governance framework. The approach utilizes an Industrial Society Science Foundation (ISSF) shared knowledge and governance model, which provides members with customized information services (Cloke et al., 2017). Therefore, that enables them to benefit from the latest scientific and technological developments in climate change mitigation, the project will implement distributed generation facilities in order to meet the projected demand for electricity. The generation will be performed by solar parks, which are large areas of photovoltaic panels mounted on a structure that allows maximum exposure to sunlight but minimizes shading effects. Each park consumes an average of 15 Megawatt per day of energy generated from sun rays and water evaporation. The temperature difference between water and air allows individuals to receive sunlight at higher temperatures, which helps generate electricity faster than thermoelectric power generation methods (Makaronidou, 2020). For instance, in the UK, a prime location for working with this type of technology is the Seville salt ponds (Peacock et al., 2022). It can receive heat from 273 to 274 degrees Celsius (with maximums ranging from 266 to 276 degrees).
As payment methods, initially, traditional forms of investment can be established. Subsequently, as the technology becomes stronger and its role in the national economy enhances, more advanced algorithms can be implemented based on online transactions and/or operations involving securities. Any financing must be controlled by responsible boards since reporting must be perfect to argue not only the efficiency but also the legitimacy of the business (Kruitwagen et al., 2021). Therefore, along with payment methods, competent strategies for controlling financial flows should be developed and applied.
Project Sustainability and Funding
The sustainability that is required for this project would come from a variety of different sources. Among the tasks to accomplish, it is important to make sure that jobs are created at the local level and that sustainable means are discovered to power new businesses. Solar parks are important investments for the development of renewable energy in The Bahamas due to their long-term potential. The first solar park is going to launch the process that will lead to additional growth. Over the past several years, the authorities of the Bahamas have made significant investments in renewable energy sources, one of which is exploring the possibility of establishing solar park facilities. Solar parks are tracts of land on which a significant number of photovoltaic systems (solar panels) have been placed and which have the capacity to supply island settlements with electrical power (Blaydes et al., 2021). Given the work done, the government will want to ensure the sustainability of this field, including control over financial resources. Monitoring is an essential factor in oversight activities, and with it, the project can justify its stability, largely due to the support of the authorities.
The use of two-thirds of the total energy from fossil fuels is a strong argument in favor of establishing a program to control the sustainability of the optimization project under consideration. It is crucial for the government and other stakeholders to create conditions under which dependence on imported fuel will cease to be an urgent issue. In this regard, one of the aspects of ensuring the sustainability of the project is financial planning. Creating an innovation program requires a careful analysis of the means to spend on the infrastructure and related activities designed to strengthen the Bahamian renewable energy sector. The project would cost about $1 billion U.S., with $92 million U.S. coming from grants from the United States government and $900 million U.S. coming from investors or public funding (Perry, 2020, p. 101397). The project would cost about $1 billion U.S., with $92 million U.S. coming from grants from the United States government and $900 million U.S. coming from investors or public funding (Perry, 2020, p. 101397). The government would support it by guaranteeing payments to investors and providing loans for housing for future families or schools for students.
The Solar Parks project is anticipated to bring economic expansion, as well as employment prospects, to the Bahamas. Each park will have a capacity of 6 Megawatts, which is around 200% higher than what was first projected (Bethel et al., 2021, p. 1399). This means that each park will be able to power up to 3,000 houses. The locations of the parks have already been selected, and an experienced solar developer will be responsible for the planning, design, and installation of each park. A solar park is planned to be capable of simple expansion in the foreseeable future through the addition of solar panels and batteries while simultaneously powering a nearby grid. Continuous maintenance and performance monitoring are mandatory procedures to follow to sustain the aforementioned solutions and ensure the efficient operations of all systems involved. Moreover, to monitor productivity, ongoing evaluation activities are required. Engaging auditor advocates and collaborating with partner organizations are the initiatives designed to strengthen the industry.
Project Summary
As has been explained above, the need for energy is increasing, but conventional sources are finite. The market of oil and gas continues to be extremely unstable, driving up the cost of energy at an alarming rate. The value of solar projects in the Bahamas is not only financially rewarding. Such programs also ensure a sustainable future for the people of the island. The Bahamas has a high potential for producing solar power, but it faces two major challenges. Firstly, there are limited transportation and transmission lines across the Caribbean that could be used to transport electricity generated from offshore wind farms to the mainland. Additionally, the Bahamas has no power grid and relies on oil-fired generators to provide reliable electricity, which increases the national need for renewable energy solutions.
The project will include a network of solar parks to provide power to the local population. The self-funding nature of these projects eliminates any need for public financing, making them more cost-effective for every holder of an electric bill. The sustainability that needs to be realized to effectively achieve the goals set involves securing jobs at the local level and finding development alternatives for new businesses. The sustainability that is required for this project would come from a variety of different sources, including but not limited to making sure that jobs are created at the local level and that sustainable means are discovered to power these new businesses. For the operational environment, a strong network of partners has been put in place that includes banks and financial institutions, utilities, and telecommunication companies. However, although the government has taken some steps to make the country more energy self-sufficient, it still consumes two-thirds of its total power from fossil fuels. In addition, reliance on imported fuel has not exactly made for a stable economic situation. The Bahamas has underexplored solar potential and faces a significant challenge in building more sustainable energy systems.
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