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Part B: PPP Strategy for Geothermal Development in the Eastern Caribbean In Part B, we present our recommended strategy for developing geothermal resources through PPPs in the five Eastern Caribbean states. We first present the barriers to geothermal development in the countries in our study. Based on that, we then recommend a PPP strategy for developing geothermal resources in the region that addresses these barriers. Finally, we justify the proposed strategy by describing the estimated economic benefits that the region will gain from developing its geothermal resources. To reach our recommendations, we structured Part B as follows: • Barriers to Geothermal Development in the Eastern Caribbean States (Section 9.1)— We provide an overview of the barriers faced by the countries in our study in developing their geothermal resources. We find that the countries in our study face high capital costs, high uncertainty, lack of access to credit at affordable rates, and lack of technical expertise in developing geothermal energy projects. • Proposed PPP Strategy for Geothermal Development (Section 9.2)—Based on our findings in Sections 10–15, we recommend that the multilateral development banks and donors support the ongoing geothermal projects through PPPs and establish a fund to finance investments in geothermal energy in the Eastern Caribbean. In this section, we describe the recommended PPP structure and how PPPs can support the deployment of geothermal energy. We also present the financing needs of the projects in each country and describe how the Fund should be structured to support those financing needs and mitigate the risks identified in Section 9.1. • Expected Economic and Financial Benefits of Implementing the Proposed Strategy (Section 9.3)—In this section, we justify our proposed strategy by presenting the economic benefits that the region will gain by developing its geothermal resource. First, we assess the aggregate net economic benefits that the region will gain if the proposed strategy is implemented. We then assess the competitiveness of the geothermal plants with other generation technologies by comparing their levelized costs. We also present the PPA rates that private investors need to earn to make the projects bankable and find that they are feasible to implement. Lastly, we estimate the reductions in customer tariffs and fossil fuel imports that will result from introducing geothermal generation. The five Eastern Caribbean countries of our study have significant geothermal potential that has not yet been developed. In this section, we present our proposed strategy to enable the development of geothermal power in the five countries. Based on our analysis in Sections 10–15, we recommend multilaterals establish a Fund to support projects that are already in progress in the five Eastern Caribbean countries through PPPs. The Fund will address the main barriers to geothermal development outlined in Section 9.1. The Fund would provide different types of funding that help mitigate the risks present in each stage of geothermal development. We explain the proposed strategy in detail in Section 9.2 and the expected economic and financial benefits of implementing the proposed strategy in Section 9.3. 54 9 Strategy for Geothermal DevelopmentPDF Image | Unlocking Geothermal Power Eastern Caribbean Powerhouse
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