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The Government of New Zealand is providing technical support in reviewing the surface studies.203 By July 2015, the government and its partners had completed the surface studies and the resulting detailed technical, project, and business plans.204 In addition, the attorney general finalized the legislation needed for this project and it is under final review.205 The next steps for the project are to negotiate the public-private partnership agreements between the government, Light and Power Holdings, and Reykjavik Geothermal, and the PPA with VINLEC. The government started negotiations with Light and Power Holdings and Reykjavik Geothermal for the development of the project in July 2015.206 The government and the companies are planning to competitively procure various stages of the project, including the design of the plant and also the drilling of the production wells.207 Once an agreement has been signed, the project company will begin drilling.208 The government, potentially in conjunction with its private partners, will also need to begin work on updating the grid, building transmission lines, and building access roads. Recommended Financial and Legal PPP Structure In Saint Vincent and the Grenadines, the government has identified a PPP structure that should allow it to successfully develop its geothermal resources. This PPP structure is proposed as part of La Soufriere Geothermal Project. We recommend the government implement this PPP structure. Under this project, a special purpose vehicle owned by the government and a consortium of private companies would develop Saint Vincent’s geothermal resources and sell electricity generated to VINLEC under a PPA. This arrangement would allow the government to use the private sector’s knowledge, resources, and financing to develop geothermal resources. While the project faces some risks because it is in its early stages, the largest risks can be mitigated with the support of multilateral development banks. 11.3 203. Bernard Hill, Project Director & Energy Manager at Hawkins Infrastructure, email message to Gianmarco Servetti, November 25, 2014. 204. “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; 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. The surface exploration phase was delayed by six months due to problems faced with the difficult terrain. The surface exploration phase originally included resistivity studies, with 34 magnetotelluric (MT) and transient electromagnetic (TEM) sounding sites. However, due to the terrain, an additional 10–20 TEM sounding stations were needed. 205. “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. 206. 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. 207. 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/. 208. “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. 89PDF Image | Unlocking Geothermal Power Eastern Caribbean Powerhouse
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