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14.4.2 Key risks and mitigation measures for Phase 1 Table 14.1 shows that the project has few major risks. The geothermal resource in Nevis is proven, so the major risks that the project faces are all related to production well drilling and project development. Table 14.1 Market, Demand, or Volume RiskPotential Resource Risk Construction Risk Technical Risk Operating Risk Political and Social Risk Environmental Risk Financing Risk Regulatory Risk Allocation of Risks for the Proposed PPP Structure A PPA and a payment support mechanism for NEVLEC’s payments under the PPA Low. The risk is low because slim-hole drilling has been completed and the estimated resource potential is high. 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. None. The risk is low because this is a proven technology. None. The risk is low because of the technical expertise of the project developer. Including a payment support mechanism that backs NEVLEC’s payments under the PPA, and the development banks’ involvement, reduces the project’s political and social risk. Also, if electricity prices are reduced through the use of geothermal energy, the public will likely support the project. This risk can be reduced by carrying out an EIA. The EIA will allow NIA to assess the risk of the geothermal project and propose an action plan to mitigate the risks identified. The financing risk is reduced with the PPA, the payment support mechanism for NEVLEC’s payments under the PPA, and potentially financing from development banks. The risk is low because the rules governing the sustainable exploitation of the resource should already be established in the Geothermal Ordinance. If this is not the case, the NIA 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). Risk Impact Party That the Risk Is Proposed Measure for of Risk Assigned To Mitigating the Risk Medium Low Medium Low Low Low Medium Medium NEVLEC and SPV NIA and SPVt SPV and, possibly, the construction company that builds the plant SPV SPV SPV SPV and NIA SPV and NIA Low NIA 158PDF Image | Unlocking Geothermal Power Eastern Caribbean Powerhouse
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