The Caribbean Development Bank (CDB) has selected a consortium that includes AMALA Clean Energy Advisors,  GeothermEx and POWER Engineers as the Lender Technical Advisor (LTA) as a part of its GeoSmart initiative designed to support geothermal development across the Caribbean. With geothermal potential in the region concentrated in the countries that make up the Organization of Eastern Caribbean States (OECS), there has been a concerted effort over the past decade and half to develop the renewable energy resource as a way of arresting some of the highest electricity prices found anywhere in the world. The CDB, in coordination with the Inter-American Development Bank (IDB) and other partners have been actively supporting the region develop its geothermal resources.  

The immediate focus is the Dominica geothermal project, which is the one that has progressed the most in the region. The project, which is a public-private partnership between the Government of the Commonwealth of Dominica (via its Dominica Geothermal Development Company) and Ormat, an international geothermal developer and equipment manufacturer. The LTA’s role is to help CDB carry out its due diligence by critically evaluating the project’s viability. This is being done from multiple perspectives that include geothermal resources, power plant design and operations, power system integration, institutional capabilities, financial appraisal and economic justification of the project, environmental and social considerations consistent with international standards, and a comprehensive review of major project agreements and (quantitative and qualitative) investment risks. The CDB is hoping to seek approval from its Board for the project soon.

Going forward, the LTA is expected to also support CDB with their lending for geothermal development in other OECS countries that include Saint Kitts & Nevis and Grenada.

For more info, contact info@amalaenergy.com.