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The type of funds allocated to each country would be based on the progress that each country has made in developing its geothermal resources, the financing needs, and the other available sources of funding. Table 9.2 shows the types of funding that would be needed in each of the countries based on their current stage of geothermal development. Table 9.2 Dominica Phase 1 Grenada Nevis Saint Lucia Saint Vincent and the Grenadines Potential Types of Support for Each Country in the First Phase of Fund Project Development Stage Potential Type of Support Production well drilling completed Surface exploration needed to estimate resource ongoing Slim-hole drilling estimates good-quality resource Further surface exploration needed to confirm resource ongoing All ongoing geothermal projects in the Eastern Caribbean would, in principle, be eligible for funding from the first phase of the Fund. However, since the total financing needs are likely higher than the available funding, the first phase of the Fund should channel funds to the more immediate stages of projects. Therefore, it is expected that the second phases of the projects in Dominica and Nevis (the phases for export) would not be financed by the first phase, but later phases of the Fund. The Dominica (Phase 1) project would only need concessional loans. Dominica has made the most progress in exploring and developing its geothermal resources and has already confirmed its resource. As such, the risk faced by potential investors is lower and grant financing is not necessary. Nevis and Saint Vincent and the Grenadines have also advanced significantly, but both countries have yet to confirm the quality of their resource. As such, Nevis and Saint Vincent and the Grenadines would need a combination of grants and concessional loans to carry out exploratory drilling and subsequently production drilling. In contrast, Grenada and Saint Lucia have advanced more slowly towards developing their geothermal resource. We estimate that in the short to medium term they would need grants to complete their pre- investment and exploration stages. We expect that equity and commercial debt will play a significant role in financing the projects in the subsequent phases of the Fund. This will be possible because the first phase of the Fund would mostly be directed to the earlier stages of geothermal development, when risks are higher. Therefore, the risks related to the uncertainty of the resource will be reduced in the second and third phases, making investing in the geothermal projects more attractive for investors and lenders. Surface exploration completed in 2015, will move directly to exploratory drilling without drilling slim-hole wells Concessional loan to build power plant Grant and contingent grants to fund surface exploration Grant and concessional loan to fund exploratory drilling and production drilling Further surface exploration needed to confirm resource ongoing Grant and concessional loans to finance exploratory drilling 62PDF Image | Unlocking Geothermal Power Eastern Caribbean Powerhouse
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