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15.3.2 Key risks and mitigation measures The proposed geothermal project has several major risks because it is still in the early stages of geothermal exploration and no project agreements have been signed. Table 15.1 provides an overview of all project risks. Table 15.1 Allocation of Risks for the Proposed PPP Structure Risk Impact Party That the Risk Is Proposed Measure for of Risk Assigned To Mitigating the Risk Low/Medium High Medium Low Low Medium/High Low Medium/High LUCELEC SPV, the multilateral development banks, and the government SPV and, possibly, the construction company that builds the plant SPV SPV SPV SPV and the government SPV and the government Market, Demand, or Volume RiskPotential Resource Risk Construction Risk Technical Risk Operating Risk Political and Social Risk Environmental Risk Financing Risk Regulatory Risk Low/Medium Government This risk would be mitigated by a PPA and LUCELEC’s ability to make its payments under this PPA (because of its strong financial performance). Selecting a project developer with the necessary technical expertise would be a key for reducing resource risk. Funding from multilateral development banks could help reduce the costs of exploratory drilling. 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 and this is a proven technology. None. The risk is low. The Sulphur Springs area is in a UNESCO World Heritage Site. The government has been advised not to develop a plant in this area. To do so, the government will need to use more expensive drilling techniques or explore new areas. This risk can be reduced by carrying out an EIA. The EIA would allow the government to assess the risk of the geothermal project and propose an action plan to mitigate the risks identified. The financial risk for the project is reduced through the PPA from LUCELEC, the concession agreement, and, potentially, financing from development banks. Also, if electricity prices are reduced through the use of geothermal energy, the public will likely support the project. The government 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). 183PDF Image | Unlocking Geothermal Power Eastern Caribbean Powerhouse
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