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9.2.2 The Fund should support the development of ongoing geothermal projects through PPPs By supporting the geothermal projects that are already underway in the countries of our study, the Fund will build on the work that has already been done in each country. To identify the most appropriate PPP structure for each project, we answered the following five questions: • Has a project structure been planned? Have any agreements been signed? • Has the government contributed funds to the project? • Who owns the electric utility? Is it fully state-owned, fully privately owned, or is it jointly owned by the government and private investors? • Is the electric utility interested in developing the geothermal project? • Has an SPV been established, and who owns it? By answering these questions to determine the best PPP structure for each project, we ensured that: • The PPP structures build on the existing work of the governments, donors, and private investors; • The governments and private investors can recover their investments; and • The PPP structures can be implemented in the existing market conditions. The recommended PPP structure for each country is based on the principles of our general recommended PPP structure (presented in Section 9.2.1), but incorporates some of the specific characteristics of the projects that are already in place in each country. Exceptions to this include the projects in Saint Kitts and Nevis, Dominica, Saint Lucia, and Grenada. In Dominica, Saint Lucia, and Grenada, the governments have not yet announced a final project structure. For these countries, we recommend project structures similar to the one shown in Figure 9.1 with small differences (see below). In Saint Kitts and Nevis, the NIA has finalized the planned project structure for the first phase of its geothermal project to serve Nevis. However, we would recommend the government and NIA establish a jointly owned SPV with the private developer. This would allow the SPV to access concessionary funding from the multilateral development banks, reduce the cost of capital, and allow the government and NIA to be more invested in the project and ensure project benefits are also shared with end users. Since the NIA already signed some project agreements for the first phase of the project, the second phase (to serve Saint Kitts) could be structured as a continuation of the project that is already in place. Below, we summarize our recommended PPP structure for each country. We also include a reference to the section of this report where we explain the recommended PPP structure in depth. Since total available funding provided by the multilateral development banks for the Fund would probably be less than the total financing needs, it is expected that only the more immediate stages of the geothermal projects would be able to access funding. That means that the Fund would likely not cover the second phases of the projects in Dominica and in Nevis (the phases for export). Those later stages of the projects could be financed by later phases of the Fund, after the first phase has been successfully implemented. • Saint Vincent and the Grenadines—An SPV, jointly owned by the government and private partners, would develop a 10 MW to 15 MW geothermal project. The project has strong political support and the government plans to develop the project with Light and Power Holdings and Reykjavik. These companies began surface exploration in November 2013 and completed pre-investment studies by early to mid-2015. The parties finalized a detailed technical, project, and business plan that will serve as the foundation for the project agreements. The SPV would have a concession agreement to further explore the resource and design, build, own, operate, and finance the geothermal generation plant. The SPV would sell electricity to Saint Vincent Electricity Services Limited (VINLEC) under a PPA. Since VINLEC is state-owned, we recommend an additional support payment mechanism be included to back VINLEC’s payments under the PPA. In Section 11.3, we present our recommendations for the PPP structure in further detail. • Dominica—The geothermal project in Dominica has two phases, which have similar PPP structures. In both phases, the government and private partners would establish an SPV that they would jointly own. The private partners have not been selected, but the French Development Agency (Agence Française de Développement, or AFD) and World Bank have said they may fund Phase 1 of the project. The government would sign concession agreements with an SPV. The concession for the first phase would be to design, build, own, operate, and finance a 10 MW geothermal generation plant for 58PDF Image | Unlocking Geothermal Power Eastern Caribbean Powerhouse
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