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We describe the largest risks for the project and their proposed mitigation measures in more detail below. • A commercially viable resource cannot be identified; or identifying and developing a production well is more expensive than expected (Resource Risk)—The largest risk for geothermal development in Saint Lucia is the resource risk. The geothermal resources explored in Sulphur Springs may not be suitable for commercial development or may be expensive to develop. To mitigate this risk, the government is receiving technical assistance from multilateral development banks to review the studies on the Sulphur Springs area. In addition, we recommend the government seek a project developer with a proven record of developing geothermal resources and who has experience developing geothermal resources in challenging areas. Another important way to mitigate this risk is through the financial support of multilateral development banks. If the geothermal resource in Sulphur Springs must be explored further, the multilateral development banks could help reduce the risk through providing contingent grants. Under this arrangement, the multilateral development banks would provide debt funding for the project, whose repayment would depend on the success of the drilling. This means that the project will have to repay the entire loan if the drilling is successful, but only a portion or none if the drilling is not. This reduces the resource risk faced by project developers. • The government may face opposition if it decides to develop the geothermal resources that are located in the UNESCO World Heritage Site (Political and Social Risk)— Sulphur Springs is located within a UNESCO World Heritage Site and the government has been advised not to develop a power plant within the site. If the government decides to proceed with developing a geothermal plant in this area, it may face opposition from the international community and bodies involved in the tourism sector in Saint Lucia. • The best way to mitigate this risk is to develop geothermal resources outside of the UNESCO World Heritage Site. However, if the government decides to develop a geothermal plant in the Sulphur Springs area, we recommend it take several steps to mitigate this risk. It could find a project developer that has experience in using drilling techniques that would avoid compromising the protected area. It could also begin to actively engage with the tourism industry and UNESCO to help them understand the planned development and how the UNESCO World Heritage Site will be protected. The government cannot find a suitable project developer or cannot agree on the terms of the concession or other project documents (Market Risk)—One of the key risks for geothermal development in Saint Lucia is that the government may not be able to find a project developer with the skills required, or that the government and the project developer will not agree on the terms of the concession. As mentioned earlier, we recommend the government find a project developer with a proven track record in geothermal development, experience developing challenging areas, and access to financial resources. While the government states that it has received a proposal from an interested developer, the proposed terms are unknown. To mitigate this risk, the government is receiving support with the negotiation of project agreements from multilateral development banks. The government may also be able to use financing from multilateral development banks to further explore its geothermal resources and reduce the project’s costs. This would allow it to develop a project that is more attractive to potential bidders. 184PDF Image | Unlocking Geothermal Power Eastern Caribbean Powerhouse
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