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Geothermal gets major boost from European Union

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Signing-a8Basseterre, St. Kitts, 21st November, 2017 (MyVueNews.com) - St. Kitts and Nevis is about to get its Geothermal energy projects into high gear courtesy a European Union (EU) grant to be administered by the Caribbean Development Bank.

 

On the 20th November, New York, the Commissioner in charge of International Cooperation and Development of the European Commission, Neven Mimica, and the President of the CDB, Dr. Warren Smith, announced the formalisation of an EU grant contribution to the Geothermal Risk Mitigation Programme for the Eastern Caribbean.

 

The grant will allow the development of 60MW of geothermal energy to be developed on Dominica, Grenada, St. Kitts & Nevis, St. Lucia, as well as St. Vincent and the Grenadines.

 

Commenting on the grant, Mimica said, “The Programme will help to increase renewable energies in the Caribbean by supporting the development of geothermal energy. The EU grant contribution of €12 million will serve to jump start geothermal development through co-financing for higher-risk investments required at the early stage services of exploratory drilling, within a programme, which could leverage additional financing of approximately €400 million.”

 

St. Kitts & Nevis’ Prime Minister Dr. Timothy Harris met and discussed the geothermal projects in the federation.

 

Meanwhile, CDB President Smith, stated, “The Bank welcomes the EU-CIF’s contribution to geothermal energy development in the Eastern Caribbean. This funding will add momentum to our ongoing efforts to transform the energy sector in the Region, and support our borrowing member countries in harnessing their renewable energy resources.”

 

He continued, “The signing of this agreement represents a strengthening partnership between CDB and the European Union. We look forward to collaborating further to support economic growth and competitiveness, and creating a more sustainable future for the people of our Region.”

 

According to geothermal experts, Geothermal an indigenous energy resource that would be able to meet national electricity demand. This would relieve these five states from oil imports, by up to 722,000 barrels per year, as well as lower current electricity prices.

 

Additionally, it is a clean and renewable energy technology that will reduce greenhouse gas emissions and contribute to climate change mitigation.



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