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Figure 11.4 presents the status of the planned geothermal project. The government is still in the initial stages of exploring the resource and has reached preliminary agreements for developing the project. Nonetheless, the project is advancing quickly and the government expects the plant to begin operations by June 2018. Since agreeing on a commercial framework and signing a project Letter of Intent (LOI) in early 2013, the government and its project partners have completed a prefeasibility study, a geothermal resistivity study, and also the surface exploration.198 In addition, they also carried out the baseline study for the environmental and social impact assessment and held several stakeholder consultations.199 Status of Planned Geothermal Project FIGURE 11.4 Project Development Operate & Maintain the Power Plant Build Power Plant Raise Funding Sign PPA Sign Concession Agreement Identify Partners 10MW to 15MW Pre-Feasibility Study Reconnaissance Test Drilling Production Drilling Resource Development The government and its project partners met in August 2015 to negotiate and finalize the business model of the project.200 Light and Power Holdings and Reykjavik Geothermal, which have a Memorandum of Understanding (MOU) with the government, funded and carried out the surface exploration needed for the project.201 While the exact terms in the agreement between Light and Power Holdings, Reykjavik Geothermal, and the government are confidential, the main items outlined in the agreement are that Light and Power Holdings and Reykjavik Geothermal are the only companies that have the right to negotiate with the government to develop the project, that the companies will pay for the exploratory costs, and a rate of return is established for the project. The agreement also defines what will happen if the resource is found feasible and not feasible. For example, the government does not have to move forward with the project if it is not expected to lead to a decrease in electricity prices.202 198. Government of Saint Vincent and the Grenadines, “The La Soufriere Geothermal Project” (Costa Rica Study Tour: March 2014); “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. 199. Ellsworth Dacon, “St. Vincent’s Geothermal Development Approach,” I-Witness News, May 10, 2015, accessed September 16, 2015, http://www.iwnsvg.com/2015/05/10/st-vincents-geothermal-development-approach/. 200. 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. 201. “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. 202. Ellsworth Dacon, “St. Vincent’s Geothermal Development Approach,” I-Witness News, May 10, 2015, accessed September 16, 2015, http://www.iwnsvg.com/2015/05/10/st-vincents-geothermal-development-approach/. 88PDF Image | Unlocking Geothermal Power Eastern Caribbean Powerhouse
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