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12.4 Recommended Financial and Legal PPP Structure for Phase 2 We recommend the government develop the proposed geothermal power plant and interconnection cables for Phase 2 in partnership with an experienced project developer. The recommended structure for developing and financing this plant would be very similar to that of the plant developed in Phase 1. The main differences in the proposed PPP structure are that the SPV will assume more resource risk and there will be a second PPA with EDF. To develop the geothermal plant, the government should sign a concession agreement with the project’s developer and help negotiate a PPA with EDF. This concession agreement should give the project developer responsibility to design, build, own, operate, and finance the second geothermal plant and interconnection cables. The government can opt to structure the two phases with one developer, either in one contract or two separate contracts. The developer would initially be responsible for Phase 1, and then both parties would have the option to continue with Phase 2 based on the results achieved in Phase 1. 12.4.1 Structure of the PPP To develop a 100–120 MW geothermal power plant and interconnection cables for Phase 2, the Government of Dominica could sign a concession agreement with an SPV. The recommended PPP structure and the relationships between each of the major project participants for Phase 2 are shown in Figure 12.5. There are key agreements that would form the foundation of this project: the concession agreement and the PPA with EDF. The concession would most likely be for about 20 or 30 years (the same period as the PPA), which would likely be long enough for the SPV to repay its debts and for the private developer to earn the return on equity needed. The concession would be to design, build, own, operate, and finance the geothermal power plant and interconnection cables. The responsibility for identifying and developing the geothermal resource, and also building and financing the plant and interconnection cables, would be assigned to the private developer because it will be best placed to mitigate any related risks. Multilateral Development Banks GDF or another Consortium FIGURE 12.5 Grants Recommended PPP Structure for Dominica (Phase 2) Government Equity Commercial debt Commercial Leaders Concession Agreement(prod uction, drilling, design, build, operate and Geothermal finance) SPV (Off-taker) Payment Support Mechanism PPA (20-30 years) DOMLEC EDF-Martinique EDF- Guadeloupe Customers Customers Customers Equity Contingent Grants and Loans 112PDF Image | Unlocking Geothermal Power Eastern Caribbean Powerhouse
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