ST. GEORGE’S, GRENADA Friday, March 24, 2017: The Board of Directors of the Caribbean Development Bank (CDB), at a recent meeting, approved a grant of USD$231,630.00, to the Government of Grenada, to build its capacity for planning and implementation of its Geothermal Energy Development Roadmap (GEDR).
The resources are from the Global Environment Facility, through the Inter-American Development Bank’s Sustainable Energy Facility, for the Eastern Caribbean with the CDB.
This technical assistance Project will provide the Government of Grenada with consultancy expertise for a period of 24 months.
Consultants will work with the Government’s staff, through the establishment and operation of a Geothermal Energy Project Management Unit (GPMU).
The GPMU will provide dedicated resources to pursue the country’s geothermal energy development plan and support the achievement of exploration drilling.
In her statement, post the Directors’ meeting, Tessa Williams-Robertson, Head of the Renewable Energy / Energy Efficiency Unit, at the CDB noted: “The grant will enhance the Government of Grenada’s own capacity to move, realisation of its geothermal energy potential, to the next level.
Under CDB’s GeoSmart Initiative, appropriate resources have been mobilised and CDB is working with development partners to assist Eastern Caribbean countries in developing geothermal energy where the potential exists.”
Grenada is especially dependent on imported petroleum products to satisfy its growing energy demand. In 2014, the cost of Petroleum products imported in 2014 amounted to approximately USD$67 million.
The Project is consistent with the 2011 National Energy Policy, supporting the Government of Grenada’s ongoing efforts to improve the country’s energy security.
The Government is also working towards meeting its national target for reducing carbon emissions by thirty percent (30%) by 2025, to which successful geothermal development will make an important contribution.
Between January 2015 and now, the following have been accomplished with respect to Geothermal Development in Grenada:
- The undertaking of extensive geochemical, geophysical and geological surveys to provide estimates on Grenada’s geothermal resource.
- The preparation of a Geothermal Resources Development Roadmap (GRDR) outlining key activities, costs and resources required to achieve commissioning of a 15MW geothermal plant in 2022/3.
- Two Donor forums to report findings from activities completed and to garner further support.
- Shortlisting of locations suitable for exploration drilling.
- Preliminary assessment of the existing infrastructural capacity of the island to facilitate an exploration drilling campaign and deliver equipment to the potential sites; and
- A preliminary analysis of Grenada’s institutional, legislative and regulatory frameworks for assessing the Environmental and Social Impacts of a geothermal development.
Successful development of Grenada’s geothermal energy potential holds the greatest prospect for transforming the state’s energy sector. Against this backdrop, the Government of Grenada is grateful to the Governments of New Zealand and Japan for their financial and technical contributions, which to-date, have amounted to more than USD2M.