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local consumption; the concession for the second phase will include all those activities in addition to carrying out production drilling. The second phase is for a 110 MW power plant to export electricity. The SPVs would sign a PPA with the utilities (off-takers). The PPA for the first phase will be signed with Dominica Electricity Services Limited (DOMLEC). The second phase will involve another PPA with EDF, the electric utility in Martinique and Guadeloupe, for exporting electricity to these two countries. In Sections 12.3 and 12.4, we provide our recommendations for the PPP structures of both phases in further detail. • Grenada—An SPV, jointly owned by the government and private partners, would develop a 10 MW geothermal project. The recommended project structure would consist of three agreements: a resource agreement, a concession contract, and a PPA. The government would grant a resource agreement to a private developer to explore and use the geothermal resource. The government would then sign a concession agreement with the SPV to design, build, own, operate, and finance the power plant. Finally, the SPV would sign a PPA with Grenada Electricity Services Limited (GRENLEC), the off-taker. We recommend that the government maintain communications with GRENLEC as a potential partner in establishing the SPV. In Section 13.3, we provide our recommendations for the PPP structure in further detail. • Saint Kitts and Nevis—The geothermal project in Saint Kitts and Nevis has two phases: building a power plant to serve Nevis (Phase 1), and building a power plant to serve Saint Kitts (Phase 2). We recommend that both phases be implemented as part of one phase/project. This approach would leverage the relationships and work carried out for Phase 1 and expedite the process for completing Phase 2. The NIA, the Government of Saint Kitts and Nevis, and the private developers would establish SPVs that they would jointly own. The government would probably not be involved in the SPV for the first phase of the project but would be for the second phase. The NIA would sign a concession agreement with the SPV. The concession agreement would be to carry out exploration drilling, production drilling, and designing, building, owning, operating, and financing the geothermal generation plant. The SPV would sign a PPA with Nevis Electricity Company Limited (NEVLEC) and Saint Kitts Electricity Company (SKELEC), the utilities that serve Nevis and Saint Kitts respectively. Since both NEVLEC and SKELEC have poor operational and financial performance and are state-owned, we recommend that a payment support mechanism be included in the project structure to back their payments to the SPVs. In Section 14.4, we provide our recommendations for the PPP structure in further detail. • Saint Lucia—The government has identified a preferred developer and has an agreement with Ormat Technologies to carry out surface exploration and exploratory drilling. However, the government and its private partners have not yet defined the project structure that will be used to carry out the later stages of the project. We recommend that the PPP structure for the later stages include an SPV jointly owned by the government and a private geothermal developer. The PPP structure would consist of three agreements: an exploration concession, a concession agreement for field development, and a PPA. The government previously granted an exploration concession to the United Network of the Eastern Caribbean (UNEC) that would remain in place. The government would sign a concession agreement with the SPV to develop the resource (production drilling) and design, build, own, operate, and finance the power plant. The SPV would also sign a PPA with Saint Lucia Electricity Services (LUCELEC) under which it would sell the electricity generated. If Ormat does not carry out the field development stage, the project structure should allow Ormat to be compensated for any funds invested in the exploration phases. In Section 15.3, we provide our recommendations in detail. 59PDF Image | Unlocking Geothermal Power Eastern Caribbean Powerhouse
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