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the costs for production well drilling and building the power plant and interconnection cables. Since the estimated cost of this project is equal to about 80 percent of the 2014 budget of the Government of Saint Kitts and Nevis, the government and the NIA would need support from donors and the private sector to be able to finance this project.380 The NIA originally planned to develop the project as a second phase of the project with West Indies Power (to serve Nevis). In 2011, NEVLEC and SKELEC signed a Letter of Intent agreeing that a geothermal power plant in Nevis would provide electricity to Saint Kitts. The proposed project included US$100 million in debt funding from the Export-Import Bank and US$25 million in equity funding from West Indies Power.381 However, this project was cancelled when NIA terminated its concession agreement with West Indies Power. The government and the NIA’s next steps include carrying out feasibility studies for the power plant, finding a project developer, and completing the project agreements. The project agreements include a concession agreement with a project developer to build, finance, and operate the power plant and undersea interconnection cable, and a PPA with SKELEC The geothermal project in Nevis and Saint Kitts has two phases: one to provide electricity for Nevis, and another one to provide electricity to Saint Kitts and potentially other countries via undersea cables. The NIA has a structure and the agreements in place to implement the first phase of the project, as explained in the previous section. However, we would recommend that both phases be developed together. Ideally, Phase 2 would be developed as an expansion of the power plant developed for Phase 1, potentially by the same developer. This approach would leverage the relationships and work carried out for Phase 1 and expedite the process for completing Phase 2. However, to date, neither the NIA nor the government has indicated that they will proceed in this way. 14.4.1 Structure of the PPP We recommend that the government and the NIA proceed with the implementation of the project in two phases, with three additions—the NIA should partner with Nevis International in establishing the geothermal SPV, include a payment support mechanism to back the off-taker’s payments under the PPA, and develop Phase 2 as an expansion of the power plant for Phase 1. The project structure that is in place is described in detail in Section 14.3.2. The NIA signed a concession agreement with Nevis International to develop the geothermal resource (exploration) and to design, build, own, operate, and finance the geothermal generation plant. The project is expected to be financed through a mix of commercial debt and equity contributions. The SPV would then sell electricity to NEVLEC through a PPA. This project structure would allow the NIA to exploit its geothermal resources and access technical expertise and financing from the private sector. 14.4 Recommended Financial and Legal PPP Structure 380. The 2014 budget of the Government of Saint Kitts and Nevis was US$174 million. This information is based o the following source: “St. Kitts and Nevis 2014 Budget Address,” Caribbean Elections Today, December 10, 2013, accessed November 12, 2014, http://www. caribbeanelections.com/blog/?p=3175. 381. Kerry McDonald, “Federation of Saint Kitts and Nevis: First Geothermal Powered Nation in the World” (West Indies Power, 2011), accessed September 26, 2013, http://ciemades.org/pdfs/conf11/may6/Nevis-Geothermal_K_MacDonald.pdf 155PDF Image | Unlocking Geothermal Power Eastern Caribbean Powerhouse
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