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9.2.4 The types of support and the phases of the Fund The Fund should provide different types of support and funding based on the current stage of geothermal development in each country. As such, the Fund allows multilateral development banks to tailor the support they provide to the specific needs of each country. By offering different types of funding and support, the Fund allows countries to address the four barriers discussed in Section 9.1. The Fund should be implemented in two or three phases. Phasing the fund allows the multilateral development banks to apply lessons learned and improve the execution of the Fund in the later phases. Since the size of funding needs is significant, phasing the Fund also allows multilaterals to phase their own mobilization of capital and help mobilize funding from additional sources. We explain our recommendations in further detail below. The Fund should be phased to finance the next stages of geothermal development Phasing the Fund would allow the multilateral development banks and other financiers to mobilize the contributions they make in phases and apply lessons learned in the later phases. This phased approach reduces the risk that the multilateral development banks face in providing capital to the Fund and the projects. The five countries in our study have made different levels of progress towards developing their geothermal resources. While some have advanced considerably towards developing their resources (such as Dominica and Nevis), others have not advanced beyond the pre-investment stage. The first phase of the Fund should be directed towards supporting the immediate next stages of the geothermal project in each country. We find the Fund may be able to support the early stages of geothermal development in Saint Vincent and the Grenadines, Grenada, and Saint Lucia, and the later stages of geothermal development and project development in Nevis and Dominica. The Fund should provide different types of support and financing The Fund should provide a combination of technical assistance, grants, contingent grants, and concessionary loans. Grants and contingent grants should be directed towards the riskier, earlier stages of geothermal development: surface exploration and exploratory drilling. Concessionary loans should be directed towards the production drilling and construction phases, which present reduced risks to investors. These different types of funding would allow the countries to mitigate the risks they face in three ways: • Grants and contingent grants support the early stages of geothermal development (surface exploration and exploratory drilling), which will reduce the investment risk when the resource is highly uncertain. • Concessional loans support the later stages of geothermal development (production drilling and construction), when the risks faced by investors are lower because the resources have been proven. Concessional loans will give governments and private investors access to financing at a lower cost than they would have access to through commercial financing. In addition, concessional loans will support governments and private investors in financing the high capital costs of building a geothermal power plant. • Technical assistance would support the geothermal projects throughout all stages. Among other potential uses, technical assistance would help governments in evaluating and negotiating with potential project developers. This support helps ensure that governments select private partners that have the necessary technical expertise to develop the geothermal project successfully. It also helps ensure that the terms agreed to between the government and private companies are beneficial to both the country and the private partner. 61PDF Image | Unlocking Geothermal Power Eastern Caribbean Powerhouse
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