St. Vincent restructures geothermal project, timeline to reset

The geothermal project on St. Vincent and the Grenadines has had an ownership shake-up, with a positive result for the citizens of St. Vincent. After renegotiations, the government will now own a 49 percent stake in the geothermal plant, and the developers – Emera and Reykjavik Geothermal (originally with a 75 percent share) will own 51 percent. Following the ownership restructuring, VINLEC and the Emera/RG group will alter the power purchase agreement. 

The geothermal project was scheduled for a 2018 commissioning, but now this timeline will be reset as drilling has not yet started.