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debt financing from multilateral development banks.192 In January 2015, the government was granted a US$15 million loan with a 2 percent interest rate193 by the ADFD and IRENA for the development of the geothermal plant.194 Figure 11.3 shows the proposed structure of the project. FIGURE 11.3 Light and power holdings and Raykjavik Geothermal Debt Sources: Government of Saint Vincent and the Grenadines, “The La Soufriere Geothermal Project” (Costa Rica Study Tour: March 2014). Planned Structure of the Geothermal Project The Government Power Purchase Agreement (PPA) with price based on open-book cost estimating and pre-determined equity IRR Loan ADFD and IRENA VINLEC Equity Equity To date, the government, Light and Power Holdings, and Reykjavik Geothermal have invested resources in establishing the baseline for the environmental impact analysis and carrying out surface exploration and pre-investment studies. Cost estimates suggest that developing a 10 MW geothermal power plant in Saint Vincent could cost about US$80 million; this includes environmental impact assessments, exploration drilling, production drilling, and the construction of the power plant. 195The construction of transmission lines and access roads would increase the total cost to about US$96 million. Initial estimates of the government and its partners state that the cost of carrying out production drilling and building the plant and grid interconnection are US$92 million for a 10–15 MW plant.196 All electricity generated by the planned geothermal plant would be sold to VINLEC, the state-owned electricity utility, under a 20-to-30-year PPA.197 Project Company 192. “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. The Clinton Foundation is serving as an advisor to the government and has been working with the government under a Memorandum of Understanding (MOU) since 2012. The Clinton Foundation is helping the government with the negotiation of key agreements and commercial, financial, and legal terms. 193. LeAnnne Graves, “ADFD and IRENA Hand Out $57m in Loans for Renewable Energy Projects,” The National, January 18, 2015, accessed April 27, 2015, http://www.thenational.ae/business/energy/adfd-and-irena-hand-out-57m-in-loans-for-renewable- energy-projects. 194 “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. 195. Financial model that accompanies this report, based on information from: Magnus Gehringer and Victor Loksha, Geothermal Handbook: Planning and Financing Power Generation (Washington, DC: The International Bank for Reconstruction and Development, Technical Report 002/12, June 2012), accessed October 22, 2014, http://www.esmap.org/sites/esmap.org/files/ DocumentLibrary/FINAL_Geothermal%20Handbook_TR002-12_Reduced.pdf; IDB, “Sustainable Energy Facility (SEF) for the Eastern Caribbean: Loan Proposal RG-L1071, RG-G1009, and RG-G1004” (2015), accessed December 2, 2015, http://www.iadb. org/en/projects/project-description-title,1303.html?id=RG-L1071. 196. 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. 197. Government of Saint Vincent and the Grenadines, “The La Soufriere Geothermal Project” (Costa Rica Study Tour: March 2014). 87PDF Image | Unlocking Geothermal Power Eastern Caribbean Powerhouse
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