World Bank to fund geothermal project in Dominica
THE WORLD Bank says it will provide more than US$17 million towards the development of a geothermal plant in Dominica.
It represents more than a third of the US$48million price tag placed on the seven-megawatt plant.
“The bank is also working with the Dominica Geothermal Development Company to prepare a geothermal risk mitigation project,” said World Bank operations officer Karlene Francis, who noted that the geothermal facility would displace diesel generation and reduce electricity costs.
“Geothermal energy is extremely resilient and consistent with the government’s strategy. We acknowledge the strong partnership with a number of donors, including the government of New Zealand ... which have joined the efforts to cofinance the project valued at US$48 million, of which US$17.2 million will be funded by the World Bank,” Francis said.
The operations officer, while speaking at the launch of the Climate Resilience Execution Agency for Dominica, or CREAD, last Friday, said the bank was also collaborating with other development partners to reduce the burden and transaction costs on Dominica by moving towards more partnerships.
“In this context, CREAD is a step in the right direction to coordinate all the projects, no matter the financier,” she said.