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An analysis of each country’s progress towards exploiting its geothermal resources is included in the following sections: • Saint Vincent and the Grenadines (Section 11.2) • Dominica (Section 12.2) • Grenada (Section 13.2) • Saint Kitts and Nevis (Section 14.2) • Saint Lucia (Section 15.2) 11 Saint Vincent and the Grenadines The government in Saint Vincent and the Grenadines is actively pursuing the development of a 10–15 MW geothermal plant with the support of private partners. The geothermal resources on Saint Vincent have not been explored. However, Light and Power Holdings and Reykjavik Geothermal completed surface exploration in 2015.162 The parties also completed negotiations and agreed on the business plan to develop the resource and power plant.163 In addition, the Abu Dhabi Fund for Development (ADFD) and the International Renewable Energy Agency (IRENA) are providing the government with a US$15 million loan to support the development of its geothermal plant.164 We recommend the government implement the planned PPP structure for developing the geothermal project because it would allow for the successful development of Saint Vincent’s geothermal resources.165 Prior to signing the project agreements, the government would need to update the legal and regulatory framework to allow for the development of this project. Another option the government could pursue is to ensure that all regulatory aspects are covered in the contract that it signs with the private developer. The government has taken the first step in making changes to the legal framework. It submitted draft legislation to the cabinet, where the legal committee is carrying out the first round of revisions. Multilateral development banks may be able to play an active role in supporting the planned project. Since the project is already being developed, the role of the multilaterals should be focused on providing funding for the project. Contingent grants could finance the earlier stages of the project and loans the more advanced stages of the project. For the project to be eligible to access multilateral funding, the project and/or the works and services would likely need to be procured competitively. The planned project and possible role for the multilateral institutions is described in more detail in the following sections: • Overview of the Electricity Sector in Saint Vincent (Section 11.1) • Status of Geothermal Development (Section 11.2) • Recommended Financial and Legal PPP Structure (Section 11.3) • Recommended Changes to the Legal, Institutional, and Regulatory Framework (Section 11.4). • Economic and Financial Analysis of the Geothermal Project (Section 11.5) 162. “St. Vincent & the Grenadines Outline Progress on Geothermal Work,” ThinkGeoEnergy, July 16, 2015, accessed December 2, 2015, http://www.thinkgeoenergy.com/st-vincent-the-grenadines-outline-progress-on-geothermal-work. 163. Ellsworth Dacon, “Presentation: Geothermal Development in Saint Vincent and the Grenadines” (August 3, 2015, Malaysia), accessed December 3, 2015, http://www.irena.org/EventDocs/S5_Ellsworth_Dacon_St.Vincent_Malaysia_Presentation.pdf. 164. “IRENA and ADFD Bring Renewable Power to 280,000 in Many Rural Communities,” IRENA.com, January 18, 2015, accessed April 27, 2015, http://www.irena.org/News/Description.aspx?NType=A&mnu=cat&PriMenuID=16&CatID=84&News_ID=388. 165. Government of Saint Vincent and the Grenadines, “The La Soufriere Geothermal Project” (Costa Rica Study Tour: March 2014). 81PDF Image | Unlocking Geothermal Power Eastern Caribbean Powerhouse
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