Geothermal Risk Mitigation Programme for Eastern Caribbean

Sustainable energy
COUNTRIES
Dominica, Grenada, Saint-Vincent and the Grenadines, St Kitts and Nevis, St Lucia
DATES
Nov/2017 - Feb/2025 ONGOING
PROJECTED TOTAL INVESTMENT SIZE
€ 412 760 000
EU CONTRIBUTION
€ 12 350 000
SECTOR
Sustainable energy
TYPES OF SUPPORT
Investment Grants
Technical Assistance
DESCRIPTION

The CDB-led programme aims at mobilizing suitable and adequate resources to support geothermal energy development in the Eastern Caribbean. Ultimately, the project aims at establishing a geothermal power plant that could potentially represent up to 60 megawatts (MW) of base-load power for the Small Island Developing States.

RESULTS
  • Reduced Eastern Caribbean countries’ dependence on imports of oil products for electricity generation (722,000 barrels of oil per year), representing 50 million dollars of savings per year.
  • Stabilized and reduced electricity prices, which are currently indexed to fuel prices, contributing to the sub-region’s energy security and to further growth in economic sectors such as tourism.
  • Interconnection of Eastern Caribbean countries with each other.
  • Contribution to climate change mitigation and the nationally determined contributions (NDCs) by reducing 313,421 tCO2 per year.
LEAD FINANCING PARTNER
CO-FINANCING PARTNERS
CONTRIBUTION TO SUSTAINABLE DEVELOPMENT GOALS