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The government will receive help from numerous sources to determine what to do next. This support will help the government determine the quality of the geothermal resource, complete surface exploration, and negotiate with the developers that have expressed interest. In December 2014, the government received US$2.8 million in grants from the World Bank and the New Zealand government for its geothermal project.428 This funding is being used to assess the resource at the Qualibou region by carrying out additional studies and reviewing previous studies, and also to provide transaction and regulatory support.429 In addition, the Government of New Zealand and the Clinton Climate Initiative have agreed to provide Saint Lucia with technical support for geothermal development, including training.430 Also, the Department for International Development of the United Kingdom (DFID) has expressed interest in providing funding to drill 1–2 exploration wells.431 15.3 Recommended Financial and Legal PPP Structure We recommend the government develop the power plant by establishing a jointly owned SPV with a qualified private developer. The government would sign a concession contract through which it will assign the responsibility for carrying out production drilling and building, operating, and financing a geothermal plant. The government would also need to support the negotiation of a PPA between the SPV and LUCELEC. This arrangement will allow the government to take advantage of the private sector’s knowledge, resources, and financing to develop geothermal resources. The government may need to take an active role to mitigate some of the risks that the project faces. Specifically, the government may have to help mitigate the project’s resource risk and the risks due to the fact that the most promising geothermal resource is located in a UNESCO World Heritage Site To develop a geothermal plant, we recommend the Government of Saint Lucia establish an SPV that is jointly owned by a private developer and the government. Under this structure, there would be three main agreements. The exploration concession previously granted to UNEC would remain, but the SPV would be transferred the responsibility for developing the resource. The government would sign a concession contract with the SPV to carry out production drilling and to design, build, own, operate, and finance the geothermal power plant. The SPV would sign a PPA with LUCELEC. The concession and the PPA will be for a period of about 20 to 30 years, which will likely be long enough for the SPV to repay its debts and the private developer and government to earn the required return on equity. The recommended PPP structure is shown in Figure 15.4. 15.3.1 Structure of the PPP 428. “St. Lucia Receives $2.8 mn for Geothermal Project,” Fox News Latino, December 16, 2014, accessed January 5, 2015, http://latino. foxnews.com/latino/news/2014/12/16/st-lucia-receives-28-mn-for-geothermal-project/. 429. “Tender: Geothermal Project Preparations in Saint Lucia, Caribbean,” ThinkGeoEnergy, August 29, 2014, accessed November 6, 2014, http://www.thinkgeoenergy.com/tender-geothermal-project-preparations-in-saint-lucia-caribbean/. 430. Caribbean Media Corporation, “St. Lucia and New Zealand Sign Geothermal Energy Contract,” DaVibes, September 3, 2014, accessed October 29, 2014, http://www.dominicavibes.dm/news-141870/. 431. Bernard Hill, Project Director & Energy Manager at Hawkins Infrastructure, email message to author, November 25, 2014. 180PDF Image | Unlocking Geothermal Power Eastern Caribbean Powerhouse
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