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projectFP020

Sustainable Energy Facility for the Eastern Caribbean

9402621
TONNES of CO2 Anticipated tonnes of CO2 equivalent avoided

Impact

Mitigation
GCF results areas
  • Energy generation and access
UN Sustainable Development Goal #7 Affordable and clean energy

Location & People

Region
  • Latin America & Caribbean
Countries
  • Dominica DM
  • Grenada GD
  • St. Kitts KN
  • St. Lucia LC
  • St. Vincent VC

Investment Data

  • Financing:
    • Public
    • Private
  • Project size:
    • Micro
    • Small
    • Medium
    • Large
  • E&S Risk category:
    • Category A
    • Category B
    • Category C
Total project investment
GCF Financing
  • Instrument Loan USD
  • Years to pay 20  
  • Interest 0.75  
  • Instrument Grant USD
  • Years to pay 0  
  • Interest 0  
Co-Financing
  • IDB Loan USD
  • CTF Grant USD
  • JICA Loan USD
  • CDB Loan USD
  • GEF Grant USD
  • IDB Grant USD
  • JICA Grant USD
  • DFID Grant USD

Project owners

Accredited Entity Executing Entity
  • Caribbean Development Bank (CDB)
Sustainable Energy Facility for the Eastern Caribbean Approved October 2016 Duration 8.0 years
Financing commercial Geothermal Energy (GE) projects whilst strengthening legal and regulatory frameworks to underpin the development of GE potential in the East Caribbean region.

The five East Caribbean states of Dominica, Grenada, Saint Kitts & Nevis, Saint Lucia and Saint Vincent & Grenadines have small and isolated electricity markets that depend heavily on imported liquid fossil fuels for electricity generation. Geothermal Energy (GE) presents the largest available renewable energy resource, with the potential to provide low cost, reliable electricity generation.

The main barriers to GE development are the high investment cost, high uncertainty during early development stages, lack of access to capital and ability to finance through public debt, inadequate regulatory and policy frameworks, and other factors such as lack of technical skills and economies of scale.

The Sustainable Energy Facility for the Eastern Caribbean will address these financial, technical and institutional barriers by providing institutional strengthening and capacity building, and provide a financing package including concessional loans and reimbursable grants to mitigate exploration and other underlying risks and unlock investments in GE by the private sector, critical to develop GE projects in the region. The end result will be to deliver GHG Emission Reductions of 9.4 million TCO2e during the lifetime of the programme.
Document title Published date
Funding proposal 28 Sep 2016
FP020 ESS Report 21 Oct 2016
Accredited Entity
  • Inter-American Development Bank (IDB) Mr. Matias Bendersky Tel: +1 (202) 623-1723 Mr. David Wilk Tel: +1 (202) 623-1843
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