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Barriers to Geothermal Development in the Eastern Caribbean States The five Eastern Caribbean countries in our study have enough potential for geothermal power to meet their baseload demand. With the use of geothermal energy, these countries could significantly lower their electricity prices, which are among the highest in the world, and reduce greenhouse gas emissions. The five countries in our study are at different stages of development for their geothermal resources; overall, the region has advanced slowly towards exploiting its geothermal potential. The four largest barriers to geothermal development for electricity generation in the Eastern Caribbean are: • High capital costs; • High uncertainty, especially in the early stages of development; • Lack of access to credit at affordable rates; and • Lack of technical expertise in developing geothermal energy projects. The first barrier is high capital costs. The investment required to develop a 10 MW geothermal plant is about US$87 million116, which is difficult for governments in the Eastern Caribbean to finance without outside support. As a result, a combination of donor and private financing, as well as government funding, will be necessary to develop geothermal energy in the Eastern Caribbean. The second barrier is high uncertainty, especially at early stages of development, and for private sector developers in particular. The possibility of investing about US$20 million117 for surface exploration and exploratory drilling without any return typically means that private investors will not risk investing in these early stages. Government and donor support is often needed. 9.1 The third barrier is that Eastern Caribbean governments must pay a premium for commercial financing, as do private investors operating in these countries, due to high country risk. For example, most Eastern Caribbean countries are not rated by the top three international credit ratings agencies, while those that are, rate below investment grade. The fourth barrier is that Eastern Caribbean governments do not have the technical expertise needed to develop geothermal energy projects. In addition, the size of the proposed geothermal projects in the Eastern Caribbean countries is small, which means that governments have trouble attracting large investors with vast technical expertise. Furthermore, the governments may not have the skill sets needed to evaluate proposals and successfully negotiate with potential project developers without outside support. For example, the Nevis Island Administration (NIA) originally partnered with West Indies Power, a geothermal developer with limited experience in developing geothermal energy projects. In 2013, the NIA had to cancel its contract with West Indies Power because of delays in beginning production drilling due to insufficient capital (see Section 14.3.2). 116. IDB, “Sustainable Energy Facility (SEF) for the Eastern Caribbean: Loan Proposal RG-L1071, RG-G1009, and RG-G1004” (2015), accessed December 2, 2015, http://www.iadb.org/en/projects/project-description-title,1303.html?id=RG-L1071; Magnus Gehringer and Victor Loksha, Geothermal Handbook: Planning and Financing Power Generation (Washington, DC: The International Bank for Reconstruction and Development, Technical Report 002/12, June 2012), accessed October 22, 2014, http://www.esmap.org/sites/ esmap.org/files/DocumentLibrary/FINAL_Geothermal%20Handbook_TR002-12_Reduced.pdf. 117. IDB, “Sustainable Energy Facility (SEF) for the Eastern Caribbean: Loan Proposal RG-L1071, RG-G1009, and RG-G1004” (2015), accessed December 2, 2015, http://www.iadb.org/en/projects/project-description-title,1303.html?id=RG-L1071. 55PDF Image | Unlocking Geothermal Power Eastern Caribbean Powerhouse
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