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FIGURE 15.4 Recommended PPP Structure for Saint Lucia Grants Multilateral Development Banks Exploration Concession UNEC Concession Agreement (production drilling, design, build, own, operate and SPV finance power plant) Debt Royalty Private Developer Government Equity (Off-taker) Payment Support Mechanism PPA (20-30 years) NEVLEC Customers Contingent Grants and Loans Some lenders may require additional mechanisms that enhance the quality of the cash flows of the project. In particular, it may be necessary to include a payment support mechanism that backs LUCELEC’s payments under the PPA. That support mechanism would reduce the risk of the project’s revenues and, thus, make the project more bankable. The mechanism could be implemented in various ways. Some of the options include establishing a liquidity facility (such as a trust fund or escrow account) or third- party guarantees (offered by donors or financial institutions); see the recommended structure in Section 9.2.1 for more details. The recommended structure includes a dotted line between LUCELEC and the SPV to indicate that LUCELEC could potentially participate in the SPV as a private partner, in addition to the private developer. LUCELEC has indicated it is open to discuss its more active participation in the project. This PPP structure would involve participation from the following key actors: • Private developers (potentially Ormat) and the SPV—Private companies and the government would establish the SPV to develop the resource and the geothermal power plant. This SPV would have a concession from the Government of Saint Lucia to develop the resource and design, build, own, operate, and finance the geothermal power plant. The SPV would also have a PPA with LUCELEC for selling its electricity. The concession and the PPA should cover the same time period. They would last for about 20 to 30 years—long enough for all debts to be repaid and for the project developers to earn the return on equity required. The proposed SPV would be owned by the private developers and the government. The planned project would be financed with both equity contributions from the owners of the SPV and with debt financing. A partner with specialized technical expertise is necessary for the successful development of a geothermal plant because of the uncertainty of Saint Lucia’s geothermal resource. The private developer can also provide and raise the financing needed for developing the power plant. 181PDF Image | Unlocking Geothermal Power Eastern Caribbean Powerhouse
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