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12.4.2 Key risks and mitigation measures The geothermal power plant and interconnection cables will be riskier than the geothermal power plant developed in Phase 1, despite the lessons learned and information provided by the development of the geothermal plant in Phase 1. Phase 2 will be riskier because no production wells for the plant have been drilled and, as a result, the resource risk for the plant is higher. In addition, the project will be more complicated because it will be larger, will include interconnection cables, and will have two off-takers. Table 12.2 provides a more complete description of the project’s risks. Table 12.2 Market, Demand, or Volume RiskPotential Resource Risk Construction Risk Technical Risk Operating Risk Allocation of Risks for the Proposed PPP Structure This risk will be mitigated by the PPA and DOMLEC’s and EDF’s ability to make payments under this PPA (because of their strong financial performances). The resource has been proven and the Phase 1 plant will provide useful information about the resource. 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. This risk for the power plant is low because it is a proven technology. However, the risk for the interconnection cables is higher. This can be mitigated by finding a project developer with experience constructing and operating interconnection cables. None. The risk is low. None. The risk is low. Risk Impact Party That the Risk Is Proposed Measure for of Risk Assigned To Mitigating the Risk Low Low Medium Medium Low Low Medium Medium DOMLEC, EDF SPV and the government SPV and, possibly, the construction company that builds the plant SPV SPV SPV SPV and the government SPV and banks Political and Social Risk use of geothermal energy, the public will likely Environmental Risk Financing Risk Regulatory Risk Low Government If the electricity prices are reduced through the support the project. There is the risk that the interconnection cables will cause environmental damage. To mitigate this risk, it is important to have a project developer with experience constructing undersea interconnection cables. In addition, the government should carry 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 through the PPAs from DOMLEC and EDF, the concession agreement, and, potentially, financing from multilateral 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). 114PDF Image | Unlocking Geothermal Power Eastern Caribbean Powerhouse
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