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This PPP structure would involve participation from the following key actors: • Private developers and their SPV—Private companies and the government would partner to establish an SPV and develop the geothermal power plant and interconnection cables. This SPV would have a concession from the government to carry out production drilling and design, build, own, operate, and finance the geothermal power plant and interconnection cables. The SPV would also sign a PPA with EDF for selling its electricity. The concession and the PPA should cover the same time period (about 20 to 30 years)—long enough for debts to be repaid and for the project developers to earn the return on equity required. The proposed SPV would be owned by the private developers and the government. The project would be financed with both equity contributions and with debt financing. It is likely that the SPV that develops the geothermal power plant for Phase 1 would also develop the geothermal power plant and interconnection cables for Phase 2. It is essential that the private companies involved in Phase 2 demonstrate experience building and operating interconnection cables. In addition, they must show that they can raise the amount of funding needed, which will be significantly larger than the funding required for Phase 1. • The government—The Government of Dominica would also have equity ownership in the SPV. Another of its main responsibilities is to sign a concession agreement with the SPV. • EDF—EDF will purchase the electricity produced by the geothermal power plant and supplied to Martinique and Guadeloupe. EDF will sign a PPA with the SPV, which will need to have a duration that matches the duration of the concession agreement. • DOMLEC—If any of the electricity generated by the Phase 2 plant is sold to DOMLEC for the local markets, a PPA with DOMLEC would also be needed. In that case, if the same SPV is developing Phase 2 of this project, the PPA for Phase 2 may simply be an extension or amendment to the PPA from Phase 1. • Multilateral development banks—The multilaterals could play a key role in this project by providing funding to the SPV, especially due to the size of the investment needs. The funding may be used for drilling production wells and to provide debt financing for the project. This funding would reduce the cost of the project and make it more attractive to project developers. • Banks and other entities that provide debt financing—Banks and other entities will provide debt financing for the project. It is likely that they will be unwilling to loan money to the project until a concession agreement is in place and the PPAs have been signed with EDF and DOMLEC. If Phase 1 is completed successfully, the likelihood of Phase 2 being completed successfully increases. The main reasons are the proven geothermal resource and because the project will likely be financeable. The geothermal resource in Dominica has been explored and confirmed. As a result, the project developer will have a reduced resource risk. In addition, the project is likely financeable and may be attractive to potential investors because of its size and because it is the second phase of the project. The project will likely be financeable because the concession agreement and the PPAs should ensure that the project has the revenue required to repay its debts and also to provide investors with the return on equity that they require. Also, the completion and successful operation of Phase 1 will show that the geothermal resource can be developed into a successful project. An important consideration that the government should take into account as it begins implementing Phase 2 is that the project developer should have a proven track record with both geothermal development and interconnection cables. Given the role of the project developer in the proposed PPP structure and the large size of the project, the project developer should have both the technical expertise and financial resources necessary to ensure the success of the project. Also, to be able to access concessionary funding, the project and/ or the works and services will likely need to be procured on a competitive basis. 113PDF Image | Unlocking Geothermal Power Eastern Caribbean Powerhouse
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