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

 

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 - 1,730 days so far

FAA effective

28 Aug 2019

Disbursement - USD 2,000,000

25 Feb 2020

Disbursement - USD 1,908,253

09 Apr 2024

Disbursement - USD 16,000,000

09 Apr 2024

To be completed

28 Aug 2027 - 1,194 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 financing25% disbursed

InstrumentAmount
LoanUSD 60,000,000
GrantUSD 16,000,000
GrantUSD 4,000,000
Total GCF Financing
USD 80,000,000

Co-financing

Co-financerInstrumentAmount
Co-FinancingLoanUSD 20,000,000
Co-FinancingLoanUSD 16,810,000
Co-FinancingGrantUSD 19,050,000
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
Total Co-Financing
USD 112,442,865

GCF Contacts

General media inquiries

GCF Communications
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 6186 (KST)
File a complaint

Integrity issues

GCF Independent Integrity Unity (IIU)
Phone +82 32 458 6714 (KST)
Send e-mail

Accredited Entity

Inter-American Development Bank
Ms. Victoria Eugenia Florez Toro
Primary

Chief, Resource Mobilization Division
1300 New York Avenue, NW, 20577., Washington DC, United States
Ms. Gloria Visconti
Secondary

Lead Climate Change Specialist
1300 New York Avenue NW, Washington, D.C., United States
Phone + 1 (202) 623-1924
gloriav@iadb.org
More contacts

National Designated Authority

Dominica
Ministry of Finance, Economic Development, Climate Resilience and Social Security
Ms. Denise Edwards Primary
Financial Secretary
5th Floor, Financial Centre Kennedy Avenue Roseau Commonwealth of Dominica
Dr. Gerard Jean-Jacques (PhD, Political Science) Secondary
Chief Development Planner (Ag.)
5th Floor, Financial Centre Kennedy Avenue Roseau Commonwealth of Dominica
Phone (767) 266-3301
chiefdevplanner@dominica.gov.dm
Mr. Michael Savarin Operational focal point
National Programme Coordinator for GCF Programme Activities
5th Floor, Financial Centre Kennedy Avenue Roseau Commonwealth of Dominica
Phone (767) 266-4287
savarinm@dominica.gov.dm
Grenada
Ministry of Climate Resilience, the Environment and Renewable Energy
Ms. Peron Johnson Primary
Permanent Secretary Ministry of Climate Resilience, the Environment and Renewable Energy
4th Floor, Ministerial Complex, Sir Eric M. Gairy Botanical Gardens St. George's, Grenada W.I., St. George's, Grenada
Phone 1(473)440-0366
ps@cre.gov.gd
Mr. Titus Antoine Secondary
Director of Climate Resilience Ministry of Climate Resilience, the Environment and Renewable Energy
4th Floor, Ministerial Complex, Sir Eric M. Gairy Botanical Gardens St. George's, Grenada W.I., St. George's, Grenada
Phone 1(473)440-0366
titus.antoine@cre.gov.gd
Saint Kitts and Nevis
Department of Economic Affairs and Public Sector Investment Planning Ministry of Sustainable Development
Mr. Manners Auren Primary
Senior Project Analyst Department of Economic Affairs & PSIP Ministry of Sustainable Development
Bladen Commercial Development Wellington Road, Basseterre, Saint Kitts and Nevis
Phone +869 467 1057
Phone +869 467 1057
auren.manners@gov.kn
auren.manners@gov.kn
Saint Lucia
Ministry of Finance, Economic Development and the Youth Economy
Mr. Paul Hilaire Primary
Permanent Secretary, Department of Economic Development
1st Level, Finance Administrative Centre, Pointe Seraphine, Castries, Saint Lucia
Phone (758) 468-5825
paul.hilaire@govt.lc
Mrs. Nadia Wells-Hyacinth Primary
Chief Economist, Department of Economic Development
2nd Level, Finance Administrative Centre, Pointe Seraphine, Castries, Saint Lucia
Phone (758) 468-3814
nwells@gosl.gov.lc
Ms. Donette Charlery Secondary
Economist, Department of Economic Development
2nd Level, Finance Administrative Centre, Pointe Seraphine, Castries, Saint Lucia
Phone (758) 468-5587
donette.charlery@govt.lc
Saint Vincent and the Grenadines
Ministry of Finance, Economic Planning, Sustainable Development, and Information Technology
Mr. Recardo Frederick Primary
Director of Planning (Ag.)
2nd Floor Administrative Complex, Bay Street, Kingstown, Saint Vincent and the Grenadines
Phone +1 784 457 1746
cenplan@svgcpd.com