The Caribbean Development Bank (CDB) in partnership with the Inter-American Development Bank (IDB), has mobilised more than USD85 million to increase the Region’s energy security through geothermal energy development.
On Thursday, CDB’s Board of Directors approved acceptance of further financing under the Sustainable Energy Facility (SEF) for the Eastern Caribbean from IDB, with resources coming from the Green Climate Fund (GCF) and the Government of the Republic of Italy.
SEF is part of CDB’s GeoSmart Initiative, which aims to reduce the financial, technical and institutional barriers to geothermal energy development in five Eastern Caribbean states – Dominica, Grenada, St. Kitts and Nevis, Saint Lucia and St. Vincent and the Grenadines. The programme also helps governments build capacity and strengthen institutions so they can be better equipped to implement and manage geothermal energy initiatives.
USD85.6 million will expand the pool of existing resources under SEF Programme with USD80 million coming from GCF and USD5.6 million from the Government of the Republic of Italy. It will go towards financing the often cost-intensive stages of development from the pre-feasibility studies to exploration drilling, and eventually field and plant development such as developing wells and building power plants, sub-stations and transmission lines.
Get more information in this CDB media release.
Previously on Green Antilles: European Union and Caribbean Development Bank support geothermal energy development in the Eastern Caribbean.
[Image: via UWI Seismic Research Centre]