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13.3.2 Key risks and mitigation measures Table 13.1 shows that the project’s major risks are related to resource and project development. The project has few major risks because the government has advanced in preparing the necessary legislation. Table 13.1 Market, Demand, or Volume RiskPotential Resource Risk Construction Risk Technical Risk Operating Risk Political and Social Risk We recommend that the government renew talks Allocation of Risks for the Proposed PPP Structure This risk will be mitigated by the PPA. The government should renew talks with GRENLEC to ensure it will agree to the PPA. Grants and contingent grants for exploratory and production well drilling 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. The government does not have the technical expertise to carry out the exploratory and production well drilling. However, the government can partner with a geothermal developer that can bring its expertise to the project. The government does not have the technical expertise to operate the geothermal power plant. However, the government can partner with a geothermal developer to operate the plant with penalties if standards of service are not maintained. The government has expressed its plan to modify Risk Impact Party That the Risk Is Proposed Measure for of Risk Assigned To Mitigating the Risk Low High Medium Medium Medium Low Medium Medium/High SPV SPV, the development banks, and the government SPV and, possibly, the construction company that builds the plant SPV SPV SPV SPV and the government SPV and the government the ESA to reduce GRENLEC’s license to 30 years. Environmental Risk Financing Risk Regulatory Risk High Government with GRENLEC to ensure it will agree to the PPA. If GRENLEC’s electricity costs are reduced through its purchase of geothermal energy, it will more likely support the project. This risk can be reduced by carrying 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 with the contingent grants for exploratory and production well drilling, the resource agreement, and the PPA. The government has expressed its plan to modify the ESA to reduce GRENLEC’s license to 30 years. Currently GRENLEC and the government are in discussions about the modifications to the ESA and no clear solution is foreseen in the short term. Since GRENLEC will play an important role in the project regardless of who owns the SPV, we recommend that the government continue its talks with GRENLEC regarding the PPA and the geothermal project itself. In addition, 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). 135PDF Image | Unlocking Geothermal Power Eastern Caribbean Powerhouse
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