The World Bank has approved a budget of USD27 million for the funding and development of a 7MW geothermal power plant in Dominica.
This small geothermal power plant is a step further for Dominica’s aim to diversify the country’s energy matrix and increase renewable energy sources for the production of electricity.
This project, which is also financed by the International Development Association, the Clean Technology Fund and other organisations, also has the goal to attract private sector investment in the field of geothermal energy.
Dominica is currently heavily reliant on diesel, the prices of which are volatile and remain particularly high for importing island nations.
The geothermal power plant will therefore provide clean and cost-efficient energy, while strengthening the island’s climate resilience in case of extreme weather events. This project comes after the introduction of the Geothermal Risk Mitigation Project on the island.
“This is an extraordinary opportunity for Dominica to reach its energy and climate goals by investing in geothermal, and to build a greener and more resilient future” said Tahseen Sayed, World Bank Country Director for the Caribbean. “The country has huge potential to provide reliable, low-cost renewable and high-quality energy in support of climate resilient growth.”