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11.2 Status of Geothermal Development In Saint Vincent, the government is working with the private sector to explore its geothermal resources and to develop a 10–15 MW geothermal plant. There is strong political support for the project and the government plans to build this plant on a PPP basis with Light and Power Holdings and Reykjavik Geothermal. These companies began surface exploration in November 2013 and completed pre-investment studies by early to mid-2015.182 The private developers and the government finalized a detailed technical, project, and business plan that will serve as the foundation for the project agreements.183 Though the project’s partners have only signed preliminary agreements for surface exploration, the government expects to start building the power plant by the end of 2016 and to begin operations in June 2018.184 11.2.1 Resource potential and development Saint Vincent has an estimated potential to supply all baseload electricity demand on the island, and, through interconnections, the Grenadines and other neighboring islands.185 The island has an estimated potential over 75 MW,186 which could meet a large portion of VINLEC’s projected demand of 94 MW in 2028.187 Surface reconnaissance suggests that the resource is of high quality.188 Geothermal power presents a clean and likely least-cost energy option. Initial surface exploration has found that both the eastern and western side of La Soufriere Volcano have the geothermal resources necessary for developing a geothermal power plant.189 However, more detailed information on the size and quality of the resources is needed to prove the resource and accurately estimate the cost of developing geothermal power. 11.2.2 Planned project The government plans to develop a 10–15 MW power plant on Saint Vincent on a PPP basis through the La Soufriere Geothermal Project.190 The government plans to develop the geothermal plant through a special-purpose company that will be owned by the government and the private sector. The private sector companies are: Light and Power Holdings, which is based in Barbados, and Reykjavik Geothermal, a geothermal development company based in Iceland. Light and Power Holdings, 80.3 percent of which is owned by the North America–based energy company Emera,191 will be the project’s lead and will also lead the financing. Reykjavik Geothermal will be the project’s technical lead. In addition to the equity contributions provided by the government, Light and Power Holdings, and Reykjavik Geothermal, the project will also be financed with debt. The government is seeking grants and concessionary 182. “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. 183. 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; “St. Vincent Geothermal Power Plant Could Be Operational by 2018,” Caribbean 360, September 1, 2014, accessed November 10, 2014, http://www.caribbean360.com/news/st-vincent-geothermal-power-plant-could-be-operational-by-2018. 184. “St. Vincent Geothermal Project On Track to Start-Up in 2018,” Caribbean News Now, July 22, 2015, accessed December 2, 2015, http://www.caribbeannewsnow.com/headline-St-Vincent-geothermal-project-on-track-to-start-up-in-2018-26989.html; “St. Vincent Geothermal Power Plant Could Be Operational by 2018,” Caribbean 360, September 1, 2014, accessed November 10, 2014, http://www.caribbean360.com/news/st-vincent-geothermal-power-plant-could-be-operational-by-2018. 185. There is speculation that the companies are interested in developing Saint Vincent’s geothermal resources because it could allow them to later expand geothermal generation and supply electricity to Light and Power Holdings’ companies on other islands via undersea cables. 186. World Bank, “Got Steam? Geothermal as an Opportunity for Growth in the Caribbean,” Caribbean Knowledge Series, June 2013, accessed March 6, 2014, http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2013/06/21/00044246 4_20130621142703/Rendered/PDF/786080WP015.0G00Box377349B00PUBLIC0.pdf. 187. This projection is based on the assumption that demand in Saint Vincent and the Grenadines grows an average of 6.9 percent per year. 188. Government of Saint Vincent and the Grenadines, “The La Soufriere Geothermal Project” (Costa Rica Study Tour: March 2014). 189. “Geothermal Power Plant to be Operational by June 2018,” The Gleaner, September 2, 2014, accessed May 20, 2016, http:// jamaica-gleaner.com/article/business/20140902/geothermal-power-plant-be-operational-june-2018. 190. Government of Saint Vincent and the Grenadines, “The La Soufriere Geothermal Project” (Costa Rica Study Tour: March 2014). 191. According to Emera’s 2013 Annual Report, Emera’s Caribbean utility operations includes ownership in Light and Power Holdings and its wholly owned subsidiary Barbados Light and Power Company, Grand Bahamas Power Company, DOMLEC, and LUCELEC. Emera acquired a controlling interest in Light and Power Holdings Limited on January 25, 2011. 86PDF Image | Unlocking Geothermal Power Eastern Caribbean Powerhouse
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