Employee retention in this specialized field presents its own challenges, particularly as renewable energy skills become increasingly valuable across markets. Williams Solar benefits from being part of Williams Industries Inc., which offers long-term incentives including an employee share ownership program after ten years of service. The company also leverages relationships with local educational institutions like Barbados Community College and Samuel Jackman Prescod Institute, which have developed photovoltaic training programs to help build the skilled workforce needed for this growing industry. GROWTH, CHALLENGES, AND ADAPTATIONS Williams Solar’s financial performance over recent years imitates the broader regulatory and market conditions affecting Barbados’ renewable energy sector, with a clear division between periods of robust growth and more recent challenges. “If I go back maybe five years, between 2020 and 2022, there was consistent growth, double digits growth,” Roach observes. “I would say 25%, 30% growth annually. However, after 2022 going into 2023 and 2024, there has been a decline, obviously due to the current situation in the industry.” This significant shift from expansion to contraction highlights the impact of policy changes on renewable energy companies, particularly the increased focus on energy storage integration before further solar expansion. As island grids like Barbados’ approach higher renewable penetration levels, concerns about grid stability and energy intermittency typically emerge, prompting regulatory adjustments that can temporarily slow deployment. “We are now reliant on energy storage to be implemented onto the grid. Until that happens, projects continue to be stalled and no approvals for new projects have been granted for some time,” Roach explains. “We have seen a decline in 2023 and 2024, maybe as much as 50% decline coming out of 2022.” 82 BUSINESS VIEW CARIBBEAN VOLUME 12, ISSUE 03
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