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13 Grenada The geothermal resources in Grenada have not been studied extensively, but the government has recently restarted exploration works. Preliminary surface exploration studies suggest that Grenada’s geothermal resource exceeds 30 MW, but it has yet to be confirmed.272 The government and GRENLEC expressed interest in working together to explore the geothermal resource and develop a 10 MW geothermal plant. However, since 2013 progress in the project has slowed due to the change in government, the proposed changes to the ESA, and the lack of a geothermal framework. Recent actions from the government suggest that it might be relaunching the project. The government restarted exploration efforts without GRENLEC in 2014 with funds from the New Zealand Aid Programme. The government received and shared results of the 3G study with development banks in July 2015 to plan the way forward.273 However, feasibility studies that provide information on the commercial viability of the project have not been carried out. If the government decides to go ahead with the project, we recommend the government do so by signing a concession agreement with an SPV to explore and develop the resource and design, build, construct, own, operate, and finance a geothermal plant. Parliament would need to approve the Geothermal Resources Development Bill. Also, the government would need to finalize the Geothermal Resources Environmental and Planning Regulations and update the legal and regulatory framework to allow for the development of this project. The multilateral development banks might be able to play an active role in supporting the planned project because the project is still in the early stages of development. Multilateral banks could provide grant funding and contingent grants for the early stages of the project and loans for the more advanced stages of the project. To avoid difficulties accessing funding from multilateral development banks, the project and/or the works and services would likely need to be competitively bid.274 The planned project and possible role for the multilateral development banks is described in more detail in the following sections: • Overview of the Electricity Sector in Grenada (Section 13.1) • Status of Geothermal Development (Section 13.2) • Recommended Financial and Legal PPP Structure (Section 13.3) • Recommended Changes to the Legal, Institutional, and Regulatory Framework (Section 13.4). • Economic and Financial Analysis of the Geothermal Project (Section 13.5) 272. World Bank, “Got Steam? Geothermal as an Opportunity for Growth in the Caribbean,” Caribbean Knowledge Series, June 2013, accessed March 6, 2014, http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2013/06/21/000442464_ 20130621142703/Rendered/PDF/786080WP015.0G00Box377349B00PUBLIC0.pdf. 273. “Grenada Will Present Results of Study on Geothermal Potential,” ThinkGeoEnergy, July 30, 2015, accessed December 3, 2015, http://www.thinkgeoenergy.com/grenada-will-present-results-of-study-on-geothermal-potential/. 273. The current legal and regulatory framework would not allow for a competitive bidding process because GRENLEC holds the right to issue sublicenses to IPPs. If the government is interested in performing a competitive bidding process for IPPs to explore and exploit the geothermal resource and build the power plant, the government would need to amend the Electricity Supply Act of 1994 or approve the Geothermal Bill with clear rules for third-party participation. 274. The current legal and regulatory framework would not allow for a competitive bidding process because GRENLEC holds the right to issue sublicenses to IPPs. If the government is interested in performing a competitive bidding process for IPPs to explore and exploit the geothermal resource and build the power plant, the government would need to amend the Electricity Supply Act of 1994 or approve the Geothermal Bill with clear rules for third-party participation. 123PDF Image | Unlocking Geothermal Power Eastern Caribbean Powerhouse
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