St. Kitts and Nevis is on a strong path to explore geothermal energy: PM Drew

St. Kitts and Nevis: Prime Minister Dr. Terrance Drew reaffirmed that St. Kitts and Nevis is on a strong path towards the exploration of geothermal energy on Nevis, for the benefit of the entire Federation. The statement was given by him during a recent Roundtable conference on April 24, 2024. While sharing details on the project, Dr. Drew said that a major MoU has been signed with the UAE based Siemens and K&K Group. He said that they will be soon coming to the Federation do conduct their own preliminary assessment that would determine then they will put forward what would be their proposal and with respect to geothermal. He further noted that as a matter of fact, when he was in Dubai, Siemens sent one of their executives to witness the signing of the Memorandum of Understanding which shows that the island nation is already on a very strong path.

“But apart from that, remember we have multiple layers to this. We also submitted it to the Saudi Development Fund. We have a concessionary loan of 20 million USD to start drilling and also the $17 million from the Caribbean Development Bank,” added the Prime Minister of St Kitts and Nevis.

He further said that 20 million will be 37 million and added, “So that we can drill the first part of the geothermal.” PM Terrance Drew assured the citizens of the Federation that the development would turn into reality soon and stated, “So this is going to happen one way or the other, and we have allocated where the resources are coming from.” He added that the Saudi Development Bank Board is all set to meet later this week to determine that they have to go through the process already and noted, “We know that they have helped us with about $40 million for the new modern generators that can use the both LPG or LNG.” He said that these generators could give the country close to 20MW together combined, which shows that the government is already transforming the energy sector. The Prime Minister said that with geothermal being a part of it now that is going to lead the country to the renewable future. In addition to this, Dr. Drew also stated the significance of exploring geothermal energy. He said that the if one looks at the report of the International Monetary Fund, they will see that the revenues are significant and it provides cheap energy for the people and with cheap energy one creates a very favorable environment for investments and it is renewable and protects the environment. “And so the geothermal to be developed as an asset owned by the Federation of Saint Kitts and Nevis is tremendous, and people are excited, and that is why we are now raising the necessary funds in order to that will give us the opportunity to develop that resource,” he added. PM Drew also expressed his gratitude to the Premier of Nevis, the leader of the opposition, Mark Brantley and said, “We have done, the politically matured thing.” He said his administration will work with the Premier to develop this resource, which will turn out to be highly beneficial for the citizens and residents of St. Kitts and Nevis.

St. Kitts and Nevis is on a strong path to explore geothermal energy: PM Drew

Latest

Related Articles