$51.45 million for construction of geothermal power plant in Dominica

Around $51.45 million will be made available for the construction of a geothermal power plant in 2019 said Coordinator of the Dominica Geothermal Energy Project, Dr Vince Henderson, who is also Dominica’s Ambassador to the United States of America and the OAS.

He said a financing package has been secured by the world bank of which a significant amount comes from grant financing.

“Presently, what we essentially were negotiating with the world bank is the $10 million grant from the UK Department for International Development (DFID) which is being administered by the world bank. So, that’s a grant we don’t have to pay it back, its free money,” he stated.

Further, he said that US$ 2 Million come from SIDS DOCK, which are the funds that he was able to mobilize for Dominica as being chairman of SIDS DOCK. "That also formed part of the package; $17.2 million from the world bank financing itself at 0.75 percent with a 10-year moratorium grace period and 15 years repayment, I mean you cannot get better than that,” he said.

“Also, a contingent grant, contingent meaning the money is there for you if you need to use it. We negotiated about $10 million from the clean technology fund which is also being administered by the world bank,” Henderson said.

Minister for Trade, Energy and Employment, Ian Douglas, said in December last year that the government was in a position to begin construction of a geothermal power plant in the Roseau Valley and the project could begin by the third quarter of 2019.

Douglas did not say then, where the money would come from.