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15.3.3 Strategy for engaging key stakeholders Given the risks of the geothermal project and the early stage of its development, we recommend that the government actively consult stakeholders. Stakeholder inputs are needed to help the government develop a financeable and politically and socially acceptable project. We recommend the government engage several other stakeholders to ensure that the project is socially and politically acceptable. This would require that the government actively engage the public, UNESCO, and the tourism industry. This is because the government would need to ensure that the development of a geothermal plant does not cause Saint Lucia to lose its UNESCO World Heritage Site or hurt the tourism industry. Regardless of where the government decides to build the geothermal plant, consulting these stakeholders will help reduce the chance that this will happen. Also, to ensure that the project is financeable, we recommend the government consult with: • Potential project developers (potentially Ormat)—The government could regularly consult potential project developers to ensure that they are aware of the opportunity to invest in Saint Lucia, to identify and address any major concerns that project developers may have, and to ensure that the project is sufficiently attractive to investors. The government would also assess the capacity and expertise of the project developers, potentially Ormat, to carry out a project like that planned in Saint Lucia. Consulting project developers before procuring a concession agreement or finalizing the project structure can allow the government to structure a good project and to get the most attractive offer. • LUCELEC—We recommend the government consult and work with LUCELEC to develop a PPA. A PPA is essential for the success of the geothermal project. Since LUCELEC is privately owned, the government cannot simply require LUCELEC to sign the PPA. The government could help the SPV negotiate with LUCELEC to develop a PPA that LUCELEC is interested in signing. In particular, this PPA should provide LUCELEC with a way to recover the PPA rate it will pay to the SPV and the costs of stranded assets. One negotiating tool for the government is that the ESA allows the government to buy LUCELEC’s exclusive right for generation, transmission, and distribution in 2020 (after 55 years) if it provides two years’ notice.432 • Multilateral development banks—We recommend the government work with multilateral development banks so that it receives technical and financial assistance. Specifically, the government would need help to determine whether it can develop Sulphur Springs. If it will develop Sulphur Springs, multilateral development banks can provide concessionary financing. If not, the government may need financial support to explore other areas for geothermal development. In either case, multilateral development banks would be able to provide resources more quickly if they are kept abreast of the project’s developments. 432. Government of Saint Lucia, “Electricity Supply Act,” Chapter 9.02, Revised Edition of 2008, Part II, Sections 4–5. 185PDF Image | Unlocking Geothermal Power Eastern Caribbean Powerhouse
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