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• The government—The main responsibilities of the Government of Saint Lucia are to sign a concession agreement with the SPV, establish the SPV with its private partner, and, potentially, to continue investing in exploration efforts. The role of the government may change depending on whether the geothermal resource in Sulphur Springs is found commercially viable. If the geothermal resources in Sulphur Springs are commercially viable, the government would be a partner to the project. If the geothermal resource in Sulphur Springs is not found commercially viable, it may make sense for the government to provide funding, or find donors to provide funding, for surface exploration and exploratory drilling in other areas. This is because the project at a new area will be riskier and may not be attractive to investors. • LUCELEC—LUCELEC would purchase the electricity produced by the geothermal power plant. LUCELEC would sign a PPA with the SPV, which would need to have a duration that matches the duration of the concession agreement. LUCELEC may also partner with the government and the private developers in establishing the SPV. • Multilateral development banks—These banks would play a key role in this project by providing funding for the development of the geothermal project. The funding may be used for exploratory studies and drilling in Sulphur Springs or it may be used to provide loans for the power plant. If the resources in Sulphur Springs are not commercially viable, the funding could be used to explore new areas. This funding would reduce the cost of the project and make it more attractive to project developers. • Banks and other entities that provide debt financing—Banks and other entities would provide commercial debt financing for the project. It is likely that they would be unwilling to loan money to the project until the exploratory drilling of a commercially viable resource is completed, a concession agreement is in place, and a PPA has been signed with LUCELEC. The proposed project structure can be successful because, if the resource is proven, the project is likely financeable. The proposed concession agreement and PPA would ensure that the project has the necessary revenue, that project debt can be paid, and that investors receive their expected return on equity. The government’s experience finding a partner and developing the necessary agreement for the previous project shows that projects in Saint Lucia can attract investors. However, given the unique circumstances in Saint Lucia, this project faces several large risks, which are described in Section 15.3.2. There are also two considerations that we recommend the government note as it begins implementing this project. First, the project developer should have a proven track record. Given the role of the project developer in the proposed PPP structure, the project developer must have both the technical expertise and financial resources necessary to ensure the success of the project. The second consideration is that the government competitively bid the SPV and/or the works and services. Otherwise, the projects may face difficulty accessing concessionary financing from multilateral banks. 182PDF Image | Unlocking Geothermal Power Eastern Caribbean Powerhouse
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