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13.2.2 Planned project Although the government has not made a final decision on how to develop its geothermal resources, various options for developing the project have been explored. One option involves GRENLEC as an active partner in the SPV for the geothermal project and the other option does not. • Project with GRENLEC—Under this project structure, the government would issue a resource agreement that authorizes GRENLEC to explore and exploit the geothermal resource. GRENLEC would sign an agreement with an SPV that would build, operate, and transfer the power plant to GRENLEC when the contract expires. The SPV would be co-owned by GRENLEC and another private company. The SPV would sell electricity to GRENLEC under a PPA.297 • Project without GRENLEC—Under this project structure, the government would establish an SPV that would be owned by the government and the private sector. The project would have three main agreements: a resource agreement to authorize the exploitation of the geothermal resource, a concession agreement to design, build, operate, own, and finance the power plant, and a PPA between the SPV and GRENLEC. In addition to the equity contributions that would be provided by the government and the private developers, the project would also need to be financed with debt. Previous governments had conversations with GRENLEC to determine how to develop the geothermal resources in Grenada. GRENLEC had proposed to develop a 10 MW geothermal power plant in the fourth quarter of 2015 and develop a further 40 MW of capacity in the long term.298 The 10 MW plant would have served the country’s baseload demand for electricity, but would not fully meet peak demand, which was 29.2 MW in 2013.299 Developing the project would require investing in all phases of geothermal development—a prefeasibility study, exploratory drilling, production drilling, and plant construction and operation.300 However, GRENLEC has stopped work on the project due to the uncertainty caused by the change in government and the proposed changes to the ESA. Recent actions from the government suggest that it might be looking to relaunch the project under a new proposed project structure that would not include GRENLEC. In June 2014, the Government of New Zealand signed an agreement with the Government of Grenada to help develop its geothermal resources.301 The government has restarted exploration works and the results of the study were presented in July 2015. 297. Japan International Cooperation Agency and West Japan Engineering Consultants, Inc., “Study of Situation for Geothermal Energy Development” (April 2014). 298. Japan International Cooperation Agency and West Japan Engineering Consultants, Inc., “Study of Situation for Geothermal Energy Development” (April 2014). 299. GRENLEC, 2013 Annual Report. 300. Japan International Cooperation Agency and West Japan Engineering Consultants, Inc., “Study of Situation for Geothermal Energy Development” (April 2014). 301. Bernard Hill, Project Director & Energy Manager at Hawkins Infrastructure, email message to author, November 25, 2014; “NZ Firm Testing Caribbean Geothermal Resource,” New Zealand Energy News, April 2015; “St. Lucia, New Zealand Sign Geothermal Support Partnership Agreement,” Caribbean News Now, September 3, 2014, accessed May 23, 2016, http://caribbeannewsnow. com/topstory-St-Lucia,-New-Zealand-sign-geothermal-support-partnership-agreement-22625.html. 130PDF Image | Unlocking Geothermal Power Eastern Caribbean Powerhouse
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