Dominica: PM Skerrit outlines benefits of geothermal, vows to enhance energy landscape

Prime Minister Dr Roosevelt Skerrit outlined the significant benefits of geothermal plant in Dominica during parliamentary session

Tuesday, 30th April 2024

Dominica: PM Skerrit outlines benefits of geothermal, vows to enhance energy landscape (PC - Facebook)

Dominica: Prime Minister Dr Roosevelt Skerrit outlined the significant benefits of geothermal plant in Dominica. He also talked about a loan which has been secured for this major project and emphasised its potential to revolutionize the energy landscape of the island nation. While speaking during a recent parliamentary session, PM Skerrit talked about the interest terms of the loan. He said that this includes a remarkably low interest rate of three quarters at 1% per annum along with a commitment charge of ½% per annum. The repayment plan of the loan spreads over 60 semi-annual installments commencing May 15th, 2034, and a grace period of ten years. "I do not believe that one can get those terms anywhere else in the world," he further outlined. PM Skerrit talked about the foreign investments and said that the arrival of capital and technology from abroad is necessary for projects like geothermal project. He said that without external investors the government will have to face the burden of higher costs and commercial rates because "institutions will not recognize it as a public good, it is seen as a commercial investment," he added. The Dominican leader noted that this is the reason that the country is welcoming the investments and the technology that the investors bring into Dominica and added that it will allow the government to have the geothermal plant and will enable the country to have access and benefit from cheaper energy. "That's the ultimate goal," remarked Dr Skerrit. In addition to this, he noted that the goal of cheaper energy spurs a number of more investments, especially in agro-processing. He emphasized that the hotels would be cheaper to run. The Prime Minister highlighted that this will mean a better and bigger return for the investors who can now reinvest and expand and build bigger properties and or invest in other areas of endeavours. Dr Skerrit said that this major investment will have several benefits for the country as a whole and remarked that there are many parts of Dominica where it will be needed including the water systems. He cited that DOMLEC works round the clock and it could not get turned off as people need to have water at their homes and the plant will help it significantly. Moreover, he also emphasised that the administration has used CBI funds into the geothermal plant, showing that the government is working hard to launch this endeavour during the near future.