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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 area
  • Energy generation and access
UN Sustainable Development Goal
  • #7 Affordable and clean energy

Location & People

Region
  • Latin America and the Caribbean
Countries
  • Dominica DMA
  • Grenada GRD
  • Saint Kitts and Nevis KNA
  • Saint Lucia LCA
  • Saint Vincent and the Grenadines VCT
Beneficiaries (approx.) 481,652

Investment Data

  • Financing:
    • Public
    • Public / Private
    • 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
Co-Financing
  • Inter-American Development Bank Loan USD
  • CTF Grant USD
  • JICA Loan USD
  • CDB Loan USD
  • GEF Grant USD
  • Inter-American Development Bank 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 Est. implementation period 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.

The project has an estimated lifespan of 8 years.
Type
Document title
Published date
ESS report FP020 - IDB - Dominica, Grenada, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines 21 Oct 2016
Gender assessment FP020 - IDB - Dominica, Grenada, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines 06 Jun 2017
Approved funding proposal FP020 - IDB - Dominica, Grenada, Saint Kitts and Nevis, Saint Lucia and Saint Vincent and the Grenadines 22 Mar 2017
Gender action plan FP020 - IDB - Dominica, Grenada, St Kitts and Nevis, St Lucia, St Vincent and the Grenadines 06 Jun 2017
Accredited Entity
  • Inter-American Development Bank (IDB) Mr. Matias Bendersky Tel: +1 (202) 623-1723 Ms. Amal-Lee Amin Tel: +1 (202) 623-1924
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