CDB and IDB continue to support geothermal energy development in the Caribbean

Soufriere volcano, St. VIncent. Image credit: UWI Seismic Research Centre
Energy

The Caribbean Development Bank and the Inter-American Development Bank are continuing to provide financial support for Caribbean geothermal energy initiatives:

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 AntillesEuropean Union and Caribbean Development Bank support geothermal energy development in the Eastern Caribbean.

[Image: via UWI Seismic Research Centre]

No Comments

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Wind turbines. Image: Robert R. Gigliotti
Energy
BLOOM Cleantech Cluster Barbados

The BLOOM Cleantech Cluster Barbados is inviting applications to its business incubation and pre-incubation programmes, with a focus on renewable energy and energy efficiency. BLOOM is a national, sustainable energy and climate technology cluster based in Barbados, with a regional and international focus.  BLOOM coordinates and provides business advisory services …

Minesto Deep Green. Image: via Minesto
Energy
Government of Antigua and Barbuda signs ocean energy MoU

Media release — Swedish marine energy developer Minesto has signed a Memorandum of Understanding with the Government of Antigua and Barbuda. Through a feasibility study, facilitated by the United Nations Office for Project Services, the parties will explore the possibilities of supplying the Eastern Caribbean with renewable ocean energy by Minesto’s technology. Minesto …

Solar panels. Image credit: Pete Jelliffe
Energy
UAE funds renewable energy projects in Saint Lucia

The government of Saint Lucia will be embarking on several renewable energy projects with financial support from the second funding cycle of the United Arab Emirates-Caribbean Renewable Energy Fund. Projects will include installation of photo-voltaic electricity generation systems at two schools, construction of a solar-powered charging station for electric vehicles …