US$6 million in IRENA/ADFD concessional loans will also go towards a 5 MW geothermal plant in Iran
St. Vincent and the Grenadines has been granted a loan of US$15 million to help fund the development of a 10 to 15 megawatt geothermal project, expected to come on stream by 2018.
The funds are part of US$57 million in concessional loans for five renewable energy projects in developing countries financed under the second cycle of the International Renewable Energy Agency (IRENA) and the Abu Dhabi Fund for Development (ADFD).
Prime Minister of St. Vincent and the Grenadines, Ralph Gonsalves said that when the geothermal power plant is complete, it will reverse the ratio of electricity generated by fossil fuel and renewable sources.
“This project is over 50 per cent of our current demand,” he said, noting that it has the potential to generate 10 to 15 megawatts of electricity.
US$6 million in IRENA/ADFD concessional loans will also go towards a 5 MW geothermal plant in Iran. The 5 megawatts small-scale geothermal project, located in Ardebil, will receive $6m to help provide local heating and power for various agricultural activities benefiting 150,000 people.
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