One year after launching the testing phase of its geothermal project, the government of St. Vincent and the Grenadines says it still expects its first geothermal power plant to be operational by 2017.
Prime Minister Ralph Gonsalves updated Parliament on the project this month as he responded to a question from Leader of the Opposition, Arnhim Eustace.
Eustace wanted Gonsalves to indicate the present status with respect to work on the geothermal project initiated by the government.
SVG is partnering with Icelandic firm, Reykjavik Geothermal and the Bill Clinton Foundation to explore and exploit geothermal energy along the country’s volcano, La Soufriere.
Gonsalves said that between December 2014 and June 2015, a technical report will be completed and well and plant site selection will be done and by June 2015.
The details of the business model will be presented by the partners in the initiative and will address matters such as financing, finance funding arrangement, rate of return on investment “and the like”, Gonsalves told lawmakers.
He said there are funds that the government of SVG is shortly to receive, adding that these are “very low interest monies which will enhance the government’s equity inside of the project.
“We are still on target, I have been advised by the Energy Unit, … Barring some extraordinary challenge which may arise, we should be having a production of 10 megawatts by the end of 2017,” Gonsalves said.