FP020

Sustainable Energy Facility for the Eastern Caribbean

Sustainable Energy Facility for the Eastern Caribbean

  • Status Under implementation
  • Date approved 14 Oct 2016 at B.14
  • Est. completion 28 Aug 2027
  • ESS Category Category A

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.

Total project value

 

Tonnes of emissions avoided

 

Beneficiaries

 

Direct
481,652
Theme

Mitigation

Result areas

Project timeline

Pipeline

24 Jun 2015 - 479 days

Concept note received

24 Jun 2015

Funding proposal received

01 Aug 2015

Approved

14 Oct 2016 - 1,049 days

Approved by GCF Board

14 Oct 2016

Cleared by iTAP

14 Oct 2016

Legal opinion on AE's Internal Approval

12 Dec 2018

FAA executed

10 Jun 2019

Under implementation

28 Aug 2019 - 285 days so far

FAA effective

28 Aug 2019

Disbursement - USD 2,000,000

25 Feb 2020

Completed

28 Aug 2027 - 2,639 days to go

One region

  • Latin America and the Caribbean

Five countries

One priority group

  • Small Island Developing States
USD  
  • Financing
    • Private sector
    • Public sector
  • Size
    • Micro
    • Small
    • Medium
    • Large

GCF financing1% disbursed

InstrumentAmount
GrantUSD 4,000,000
LoanUSD 60,000,000
GrantUSD 16,000,000

Cofinancing

CofinancerInstrumentAmount
Co-FinancingLoanUSD 16,810,000
Co-FinancingGrantUSD 19,050,000
Co-FinancingLoanUSD 20,000,000
Co-FinancingGrantUSD 500,000
Co-FinancingGrantUSD 1,240,000
Co-FinancingGrantUSD 1,935,698
Co-FinancingGrantUSD 5,607,167
Co-FinancingGrantUSD 18,300,000
Co-FinancingGrantUSD 14,000,000
Co-FinancingGrantUSD 15,000,000

GCF Contacts

General media inquiries

GCF Communications
Phone +82 10 4458 7751
Send e-mail

Request for information

GCF Information Disclosure
Request information about this project

Project complaints and grievances

GCF Independent Redress Mechanism (IRM)
Phone +82 32 458 6157
File a complaint

Integrity issues

GCF Independent Integrity Unity (IIU)
Phone +82 32 458 6155
Send e-mail

Accredited Entity

Inter-American Development Bank

Mr. Matias Bendersky
Chief, Resource Mobilization Unit (Please CC in all communications Mr. Daniel Hincapie, Operations Specialist)
1300 New York Avenue NW, Washington, D.C., United States
Phone +1 (202) 623-1723
mbendersky@iadb.org
danielhi@iadb.org
Ms. Amal-Lee Amin
Chief, Climate Change and Sustainability Division
1300 New York Avenue NW, Washington, D.C., United States
Phone + 1 (202) 623-1924
amalleea@iadb.org
gloriav@iadb.org

National Designated Authority

Saint Kitts and Nevis

Department of Economic Affairs and Public Sector Investment Planning (PSIP)

Ms. Lavern Queeley
Director, Department of Economic Affairs and PSIP Bladen's Commercial Development
Wellington Road, Saint Kitts and Nevis
Phone +869 467 1255
Phone +869 467 1056
lcqueeley@gmail.com
lavernqueeleyskn@gmail.com
Saint Lucia

Department of Economic Development, Transport and Civil Aviation

Mr Claudius Emmanuel
Permanent Secretary (Ag.)
1st Floor, Finance Administrative Centre, Point Seraphine, Castries, Saint Lucia
Phone 1-758-468-5825
cemmanuel@gosl.gov.lc
Mr. Tommy Descartes
Chief Economist (Ag.)
1st floor, Finance Administrative Centre, Point Seraphine, Castries, Saint Lucia
Phone + 1 -758-468-3814
tdescartes@gosl.gov.lc
Saint Vincent and the Grenadines

Ministry of Finance, Economic Planning, Sustainable Development, and Information Technology

Mr. Recardo Frederick
Director of Planning (Ag.)
2nd Floor Administrative Complex, Bay Street, Kingstown, Saint Vincent and the Grenadines
Phone +1 784 457 1746
cenplan@svgcpd.com
Dominica

Ministry of Economic Affairs, Planning, Resilience, Sustainable Development, Telecommunications and Broadcasting

Dr. Kyra Paul L’Homme
Acting Chief Development Officer
5th Floor, Financial Centre, Kennedy Avenue, Roseau, Dominica
Grenada

Ministry of Finance, Planning, Economic Development and Physical Development

Dr. Kelvin Michael George
Director, Department of Economic and Technical Cooperation
Financial Complex,Carenage, St. George's, W.I., Grenada
Mrs. Isha Abraham
Deputy Permanent Secretary
Financial Complex,Carenage, St. George's, Grenada
Phone 1-473-440-5883
mcdeane@hotmail.com