Tuesday, March 19, 2019

Commonwealth of Dominica: World Bank Approves Funding of 7 MW Geothermal Power Project

First World Bank Geothermal Investment in the Caribbean for a Greener and Resilient Future (News Release)


The World Bank’s Board of Executive Directors today approved US$27 million project to support the construction of a 7 MW small geothermal power plant in the Commonwealth of Dominica, which aims to increase the share of renewables, diversify the country’s energy matrix, and identify a clear road map for private sector investment in geothermal development.

The Geothermal Risk Mitigation Project is expected to significantly lower electricity costs in Dominica and increase the share of renewable energy in the country’s energy mix from 25 to 51 percent, reducing greenhouse gas (GHG) emissions by 38,223 tons of CO2 per year. It will also assess the potential to export homegrown geothermal energy to its neighbors.

The project will be implemented by the Dominica Geothermal Development Company Ltd and is financed by a US$17.2 million credit from the International Development Association (IDA), US$9.95 million from the Clean Technology Fund (CTF), as well as grants from the UK’s Department for International Development - US$10 million from DFID and US$2 million the Small Island Developing States DOCK Initiative - and technical assistance from the Government of New Zealand and the Agence Française de Développement.

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Location: Saint George Parish, Dominica