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11.3.2 Key risks and mitigation measures The proposed geothermal project has numerous risks because it is still in the early stages of geothermal exploration and no agreements have been signed. Table 11.1 provides an overview of all project risk. Table 11.1 Market, Demand, or Volume RiskPotential Resource Risk Construction Risk Technical Risk Operating Risk Political and Social Risk Environmental Risk Financing Risk Regulatory Risk Low Allocation of Risks for the Proposed PPP Structure Risk Impact Party That the Risk Is Proposed Measure for of Risk Assigned To Mitigating the Risk Medium Medium/High Medium Low Low Low Medium Medium VINLEC and the government SPV (government and private developers) and the multilateral development banks SPV and, possibly, the construction company that builds the plant SPV SPV SPV SPV and the government SPV and the government Government A PPA and a payment support mechanism for VINLEC’s payments under the PPA. The SPV’s technical partner expertise helps mitigate this risk. Contingent grants for exploratory and production well drilling can help reduce costs. The SPV can hire a company to build the plant and incorporate penalties if the plant is not completed on time or milestones are not achieved as contractually planned. None. The risk is low and this is a proven technology. None. The risk is low. The participation by the government in the SPV and multilateral development banks in the project reduces the project’s political and social risk. Also, if electricity prices are reduced through the use of geothermal energy, the public will likely support the project. This risk can be reduced by carrying out an EIA. The EIA will allow the government to assess the risk of the geothermal project and propose an action plan to mitigate the risks identified. The financial risk for the project is reduced with the PPA, the payment support mechanism for VINLEC’s payments under the PPA, and potentially financing from development banks. The government is responsible for making any necessary changes to the legal and regulatory framework to enable the development of the project. Since those changes take time, the parties to the project can draft clear rules governing the sustainable exploitation of the resource and the operation of the power plant in the project agreements (concession, PPA, others). 92PDF Image | Unlocking Geothermal Power Eastern Caribbean Powerhouse
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