Dominica has signed an agreement with the World Bank for the construction of a Geothermal Plant in the Roseau Valley.
The financing package is worth 39.2 Million US dollars of loan and grant funding. The 17.2 million US dollar loan from the World Bank is at 0.75 interest with a ten year grace period.
Prime Minister Roosevelt Skerrit says the signing is another milestone in Dominica’s quest to develop its geothermal potential.
“Everything we are doing in Dominica has to be climate resilient as we cannot afford to rebuild the country every two to three years. This project will help us diversify our energy mix and invest in greener and more reliable energy source, so we can be up and running shortly after a storm,” the Prime Minister said.
Mr. Skerrit says Government did not allow the passage of Hurricane Maria to distract from development plans such as the Geothermal Project.
“Hurricane Maria has delayed us in the implementation of our plans but it has also reinforced our resolve to build this country better. The development of the Geothermal is part of that plan but it is not just a plan in itself. It is a greater plan,” Skerrit said.
Geothermal energy, the Prime Minister said, was critical to Dominica’s goal of becoming the first climate resilient nation of the world.
“This project will help us diversify our energy mix, and invest in greener and more reliable energy source so we can be up and running shortly after a storm.
“We expect therefore that the use of clean green energy and the reduction in the use of fossil fuels will enhance and protect the environment,” Skerrit said.
Meantime, Country Director for the Caribbean at the World Bank Tahseen Sayed Khan says the signing of a financing agreement for a geothermal plant for Dominica, is an important milestone in its pursuit of renewable energy.
“This project can have a transformational impact for future generations in Dominica.”
“By investing in geothermal, Dominica has the potential for significant economic diversification. It can become a real hub for renewable energy in the Caribbean and a leader in the quest for climate resilience,” she said.