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FIGURE 13.4 Recommended PPP Structure for Grenada Multilateral Development Banks Resource Agreement SPV Commercial debt Commercial Leaders Private Developer Government Grants Concession Agreement (design, build, own, operate and finance) Contingent Grants and Loans Equity (Off-taker) Payment Support Mechanism PPA (20-30 years) GRENLEC Customers Some lenders may require additional mechanisms that enhance the quality of the cash flows of the project. In particular, it may be necessary to include a payment support mechanism that backs GRENLEC’s payments under the PPA. That support mechanism would reduce the risk of the project’s revenues and, thus, make the project more bankable. The mechanism could be implemented in various ways. Some of the options include establishing a liquidity facility (such as a trust fund or escrow account) or third- party guarantees (offered by donors or financial institutions); see the recommended structure in Section 9.2.1 for more details. Since GRENLEC and the government have discussed in the past the option that GRENLEC play an active role in the geothermal project, we recommend keeping this option open for consideration (indicated as a dotted line in the figure above). Regardless of whom the government chooses to partner with, GRENLEC will remain the off-taker and will fulfill an important role in the project. It is too early to determine whether the proposed geothermal project in Grenada will be successful, because there is not enough information on the size and quality of the resource. However, the proposed PPP structure, with our recommended addition, would help mitigate the resource risk. That way the SPV will have more incentives and capacity to complete the surface studies, drill the test wells, and confirm the geothermal resource. Once the geothermal resource has been confirmed, the proposed PPP structure would limit the risk to investors and lenders, making this a financeable project. Specifically, the resource agreement ensures that the SPV has the right to exploit the geothermal resource long enough to recover its investments. In addition, a PPP structure will allow the government to partner with an experienced geothermal developer that will provide the necessary technical expertise to develop the resource successfully. 134PDF Image | Unlocking Geothermal Power Eastern Caribbean Powerhouse
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