The European Investment Bank is providing financial support for geothermal energy development in the Eastern Caribbean:
The European Investment Bank has agreed to fund preparations for possible use of geothermal renewable energy to replace fossil fuels in the Caribbean. Potential electricity generation capacity from geothermal resources and feasibility of connections to other islands will be examined under the technical assistance programme to start shortly.
The European Investment Bank, the European Union’s long-term lending institution, will provide a EUR 1.1 million grant to enhance detailed planning and study the feasibility of exporting electricity generated by geothermal energy from Dominica to neighbouring islands Martinique and Guadeloupe. Electricity generation using geothermal energy uses water heated to a high temperature using geothermal resources available near the surface. The EIB’s support will evaluate a possible northern submarine interconnection from Dominica to Guadeloupe and a second link to Martinique in the south. Once the feasibility of cross-border interconnections is determined, subsequent studies will define the characteristics of the sub-sea cables and assess the environmental impact of the planned interconnection.
“Ensuring the most effective use of geothermal energy as a sustainable source of electricity generation offers immense potential for transforming energy use and economic growth in the Caribbean. The European Investment Bank is pleased to contribute to overcoming specific technical and engineering challenges essential to lowering the energy costs in Dominica and to significantly increase electricity generation from renewable energy sources in the East Caribbean.” said Plutarchos Sakellaris, European Investment Bank Vice President.
Read more in the full media release.