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
Nov/2017 - Nov/2022 ONGOING
TOTAL ESTIMATED BUDGET
€ 412 760 000
TOTAL CIF CONTRIBUTION
€ 12 350 000
SECTOR
Sustainable energy
TYPES OF SUPPORT
Investment Grants
Technical Assistance
Technical Assistance
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.
CONTRIBUTION TO SUSTAINABLE DEVELOPMENT GOALS