The EU will contribute 12m EUR to the Geothermal Risk Mitigation Programme for the Eastern Caribbean. Through this program, five countries are eligible to receive assistance for development of geothermal energy up to 60 MW, including: Dominica, Grenada, St. Kitts and Nevis, Saint Lucia, and St. Vincent and the Grenadines. The €12 million in grant funding will be used to provide investment grants at the exploration phase, as well as technical assistance to support capacity-building initiatives and studies that explore opportunities for, and the feasibility of, interconnection between islands to facilitate the export of electricity by geothermal energy producers.
Commissioner Nevan Mimica from the EU said: “The Programme will help to increase renewable energies in the Caribbean by supporting the development of geothermal energy. The EU grant contribution of €12 million will serve to jump start geothermal development through co-financing for higher-risk investments required at the early stage services of exploratory drilling, within a programme, which could leverage additional financing of approximately €400 million.
Dr Wm. Warren Smith, President, signing on behalf of CDB, noted: “The Bank welcomes the EU-CIF’s contribution to geothermal energy development in the Eastern Caribbean. This funding will add momentum to our ongoing efforts to transform the energy sector in the Region, and support our borrowing member countries in harnessing their renewable energy resources.”