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We describe the largest risks for the project and their proposed mitigation measures below: • A commercially viable well cannot be identified, or identifying and developing a production well is more expensive than expected (Resource Risk)—The geothermal resource exploration has not advanced beyond surface exploration. 3G studies completed by the Government of New Zealand in 2015 suggest a large resource (4–8 square kilometers) with high temperatures (200–290°C).305 However, further surface exploration is required to confirm the size and quality of the resource before exploratory drilling can begin. One of the major risks for the project is that the SPV is not able to develop a commercially viable well, or that the production well cannot be developed quickly and within expected cost. This risk can be reduced through the support of the multilateral development banks. The multilateral development banks could help mitigate this risk by providing contingent grants. Under this arrangement, the multilateral development banks could offer to provide funding whose repayment would depend on the success of the drilling. For example, the SPV will have to repay the entire loan if the drilling is successful, but only a portion if the drilling is not successful. This reduces the resource risk faced by the SPV. • The government cannot find a suitable project developer or cannot agree on the terms of the concession or other project documents (Market Risk)—One of the key risks for the geothermal project in Grenada is that the government may not be able to find a project developer with the skills required, or that the government and the project developer do not agree on the terms of the concession. The government would need to find a project developer with a proven track record in geothermal development and access to financial resources. To mitigate this risk, we recommend the government take advantage of relationships with donors that have been supporting the surface exploration stage. The multilateral development banks could also support the government with the negotiation of a project agreement. The government may also be able to use financing from multilateral development banks to reduce the project’s risks and costs. This would allow it to develop a project that is attractive to bidders. 13.3.3 Strategy for engaging key stakeholders Since Grenada is still in the early stages of geothermal development, the government has not actively engaged with the public to keep them informed of the project’s progress. Going forward, we recommend the government engage the public and ensure its support for the project. The easiest way to keep the public engaged is to hold public consultations, in which the government provides updates on the project’s progress and expected benefits. In addition, the government can use the press to inform the public about its actions for developing the project, and thus show its commitment and active engagement in the project. We also recommend the government ensure that conversations with GRENLEC are participative and continuous. Specifically, the government could inform GRENLEC about its progress on the project. Maintaining regular and open conversations with GRENLEC would ensure that GRENLEC agrees to fulfill its role as the off-taker of the project. Lastly, it is important for multilateral development banks and other government entities to be kept informed of the project because of their key role in the project. Donors are currently providing technical assistance and the development banks will likely provide funding. These are factors for the success of the project. If the multilateral development banks and donors are kept up to date, the funding could be made available on a timely basis. In addition, we recommend the government ensure that other government entities are kept informed of the project’s progress. Specifically, we recommend that the government actively engage with the Ministry of Economic Development, which will probably be responsible for monitoring the use of geothermal resources once the power plant begins operations. 305. Government of Grenada, Grenada Mission to the United Nations, “Brief on Geothermal Development in Grenada,” July 29, 2015, accessed December 3, 2015, http://www.grenadamissiontotheun.org/#!Brief-on-Geothermal-Development-in-Grenada/ tg6hr/55ce96520cf2ce5f89ab7e5c 136PDF Image | Unlocking Geothermal Power Eastern Caribbean Powerhouse
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