Jamaica:

Jamaican Geographer To Develop Geothermal Energy Plant (Jamaica Gleaner)

Geothermal energy investor, Krishna
Vaswani (Courtesy Jamaica Gleaner)

Geographer and businessman Krishna Vaswani aims to raise US$4 million of financing in order to set up a 15 MWe clean-energy facility.

The project, based on geothermal energy would cost US$15 million of which US$4m would be raised via equity and the remainder as debt.

The developer would essentially be exchanging a 35 percent stake in the venture in exchange for the equity.

Vaswani's venture sought the highest funding requirement but, according to him, offered the quickest return on investment. Additionally, it was the only innovative project that appeared. Geothermal exploration has never been done locally.

"The return on investment (ROI) would be less than a year. The nature of this project the ROI would be amongst the best in the world," said Vaswani. "Over the six minutes I spoke we would have generated over US$12,000," he said.

Vaswani said that his project would produce power at US$0.09 to US$0.15 per kilowatt hour. Consumers pay some US$0.40 for electricity from monopoly distributor Jamaica Public Service Company (JPS).

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