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12.3 Recommended Financial and Legal PPP Structure for Phase 1 We recommend the Government of Dominica develop its geothermal resources using private sector participation. The government plans to develop Dominica’s geothermal resources through a two-phase approach, which is described in depth in Section 12.2. Both phases should have similar structures. However, the proposed project for Phase 1 will be simpler with fewer off-takers. The government should develop the proposed geothermal power plant for Phase 1 with an experienced project developer. The power plant is a low-risk project because it is likely a financeable project and because the government has already developed an 11 MW production well. To develop the power plant, we recommend the government sign a concession agreement with a project developer and also help negotiate a PPA with DOMLEC. 12.3.1 Structure of the PPP To develop a 10.5 MW geothermal power plant for Phase 1, the government of Dominica could sign a concession agreement with an SPV. The recommended PPP structure and the relationship between each of the major project participants for Phase 1 of Dominica’s power plant are shown in Figure 12.4. The SPV could be jointly owned by the government and its private partners. It would be financed through a mixture of debt and equity contributions. The two agreements that would form the foundation of this PPP are the concession agreement and the PPA with DOMLEC. The concession would be for about 20 to 30 years, which will be long enough for the SPV to repay its debts and for the government and the private developer to earn the required return on equity. The concession would be to use the production well as well as to design, build, and operate the geothermal power plant. The PPA with DOMLEC would cover the same period as the concession agreement. FIGURE 12.4 Recommended PPP Structure for Dominica (Phase 1) Multilateral Development Banks Grants Government GDF or another Consortium Concession Agreement for use of well, design, build, operate and finance power plant Contingent Grants and Loans Equity Equity Geothermal SPV Commercial debt Commercial Leaders (Off-taker) Payment Support Mechanism PPA (20-30 years) DOMLEC Customers 108PDF Image | Unlocking Geothermal Power Eastern Caribbean Powerhouse
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