CDB Approves US$17 Million for Geothermal Energy Development in Nevis

CDB Approves US$17 Million for Geothermal Energy Development in Nevis

The Caribbean Development Bank (CDB) has approved US$17 million in financing for a geothermal energy development project in Nevis, which is aimed at reducing electricity costs, reducing carbon emissions, and increasing energy security.

On Friday, December 9, the Bank’s board of directors approved the grant financing for the project which will help the Government of St Kitts and Nevis pursue the drilling of up to two geothermal production wells and one injection well. The project’s goal is to establish a geothermal power plant of capacity of ten megawatts, more than enough to meet all the domestic electricity demand in Nevis.

CDB’s Director of Projects, Mr. Daniel Best said the project could transform the energy CDB approves US$17 million for geothermal energy development in Nevis landscape in the twin islands of St Kitts and Nevis.

“A 10 MW geothermal power plant on Nevis can generate more than 100% of the domestic demand on Nevis. If successful, the project will go a long way to helping the Federation realize their sustainable energy goals” said Best.

The project scope includes support to the Government and Nevis Electricity Company Ltd (NEVLEC) for project preparation, such as, preliminary surveys, surface exploration and environmental and social impact assessments, which are already ongoing, as well as infrastructure works, engineering, construction services and project management, and drilling services.

Funding for the project is from CDB’s Special Funds Resources (SFR), allocated from funding from the Inter-American Development Bank/ Sustainable Energy Facility, the Green Climate Fund and the Government of Italy.

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