Geothermal Risk Mitigation Programme for Eastern Caribbean

Sustainable energy
- Regional / Multi-country -
COUNTRIES
- Regional / Multi-country -, Dominica, Grenada, Saint-Vincent and the Grenadines, St Kitts & Nevis, St Lucia
DATES
01/11/2017 - 21/08/2020
TOTAL BUDGET
€ 412 400 000
TOTAL CIF CONTRIBUTION
€ 12 350 000
SECTOR
Sustainable energy
TYPES OF SUPPORT
Technical Assistance
PROJECT FICHE:
DESCRIPTION

The programme aims at mobilizing suitable and adequate resources to support geothermal energy development in the Eastern Caribbean. Ultimately, the project aims at establishing a geothermal power plant that could potentially represent up to 60 megawatts (MW) of base-load power for the Small Island Developing States.

RESULTS
  • Reduced Eastern Caribbean countries’ dependence on imports of oil products for electricity generation (722,000 barrels of oil per year), that would represent 50 million dollars of savings per year.
  • Stabilized and reduced electricity prices, which are currently indexed to fuel prices, contributing to the sub-region’s energy security and to further growth in economic sectors such as tourism.
  • Interconnection of Eastern Caribbean countries with each other.
  • The expected geothermal development will contribute to climate change mitigation and the nationally determined contributions (NDCs) by reducing 313,421 tCO2 per year.
LEAD FINANCING PARTNER
CO-FINANCING PARTNERS
CONTRIBUTION TO SUSTAINABLE DEVELOPMENT GOALS