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Funding In Place to Complete Dominica Geothermal Project

In the last 12 months, the Government has established the Dominica Geothermal Development Company in order to move ahead with the construction of the plant
Funding In Place to Complete Dominica Geothermal Project

Dominica’s geothermal project has received further funding to ensure completion, the government has confirmed.

The scheme is an essential part of the plan to provide a more reliable and affordable source of energy for the island.

Prime Minister Roosevelt Skerrit, acting in his dual role as Minister for Finance revealed that money has been provided by the government as well as other benefactors.

“In June of this year, the government of New Zealand recruited a project manager who is now engaged with DGDC [Dominica Geothermal Development Company],” Skerrit said while presenting the 2017/18 budget.

“Funding for the project will come from various sources. Government will contribute EC$40.5 million. In addition to government’s contribution we have secured all the funds required to construct the plant from our development partners.”

In the last 12 months, the Government has established the Dominica Geothermal Development Company in order to move ahead with the construction of the plant.

Capital Expenditure

For the 2017/18 fiscal year, EC$36.4 million has been allocated to the Ministry of Trade, Energy and Employment.

Skerrit said that further funding includes $30 million from the UK government, $5.4 million from New Zealand and also $5.4 million from SIDS DOCK.

The Government of Dominica has also applied for grant funding from the United Arab Emirates Caribbean Renewable Energy Fund and is expecting between $8.1million and $13.5 million to go towards a battery storage system to be used on the national electricity grid.

The finance minister says funding for this project will also be obtained from the World Bank in the form of a loan of $16.2 million at a highly concessionary rate of 0.75% with a ten-year grace period and forty-year repayment plan.

Designs for the plant should be completed by the third quarter of 2017.

Source/WIC News

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