World Bank grants US $ 21.9 million to St Lucia government for geothermal assessment

Saint Lucia: The World Bank has decided to grant an amount of USD 21.9 million (EUR 18.5m) so as to finance the government of Saint Lucia. This amount has been granted by the World Bank so that the St Lucia government could be able to assess the viability of its geothermal resources for power generation.

This funding by the World Bank would support capacity building, exploratory drilling, technical assistance and market engagement.

Supplementary funding to the St Lucia government has also arrived from the - Canada Clean Energy & Forests Climate Facility, the Foreign, Commonwealth & Development Office of the United Kingdom, the Clean Technology Fund and the International Development Association that is IDA. On providing the funding to the Caribbean islands' government, the World Bank country director for the Caribbean - Lilia Burunciuc, asserted that "This project would assist the Caribbean island in evaluating how geothermal energy can contribute to the country’s national energy mix."

Following the statement, Burunciuc further noted that future geothermal energy development in St Lucia would turn into lower electricity costs for households and businesses.

The announcement then added that the high cost of electricity, which in St Lucia is sourced almost completely through expensive fuel imports, is certainly a major constraint to doing business in the Eastern Caribbean island nation, as indicated by more than half of firms.

Currently, St Lucia island has an estimated 680 MWe of geothermal power potential.

Geothermal energy - This energy can be utilized to heat, cold and generate electricity. Depending on the resource and technology chosen, Geothermal energy can be used in numerous ways—heating & cooling buildings through geothermal heat pumps, generating electricity through geothermal power plants, etc.

A geyser is an instance of geothermal energy, while hot springs, lava, & fumaroles are the natural instances of geothermal energy. Currently, Geothermal power is more common in homes and businesses.