Green Energy

World Bank Approves $27 M Investment for Dominican Geothermal Plant

The Republic of Dominica has a small power system that relies heavily on diesel to produce electricity. The average price of electricity on the island is amongst the highest in the world, around $0.33 cents/kWh according to the World Bank data and customers in the island country are regulary exposed to the volatility of international oil prices.

Geothermal is more cost-efficient, climate resilient and greener. After the island was hit by Hurricane Maria, around 75 percent of the power network was damaged, leaving the whole island with no electricity. In response the Dominican government adopted the National Resilient Development Strategy, which sets Dominica’s vision to become “the first climate-resilient country in the world”. Diversifying the energy mix is a key element of this strategy.

[related_post]

“This is an extraordinary opportunity for Dominica to reach its energy and climate goals by investing in geothermal, and to build a greener and more resilient future. The country has huge potential to provide reliable, low-cost renewable and high-quality energy in support of climate resilient growth,” said Tahseen Sayed, World Bank Country Director for the Caribbean.

The Geothermal Risk Mitigation Project is expected to lower electricity costs in the country and increase the share of renewable energy in the country’s energy mix from the current 25% to over 51%, also thereby reducing greenhouse gas (GHG) emissions by 38,223 tons of CO2 per year. It will also assess the potential to export homegrown geothermal energy to its neighbors.

The project will be implemented by the Dominica Geothermal Development Company and is financed by a $17.2 million credit from the International Development Association (IDA), $9.95 million from the Clean Technology Fund (CTF), as well as grants from the UK’s Department for International Development – $10 million from DFID and $2 million the Small Island Developing States DOCK Initiative – and technical assistance from the Government of New Zeland and the Agence Française de Développement.

Picture credit:visitdominicanrepublic.org

I am Renew

Recent Posts

John Cockerill secures India’s largest electrolyzer supply order from AM Green

AM Green has placed India's largest electrolyzer order with John Cockerill Hydrogen for one of…

3 days ago

Cultivating A Thriving Biofuel Ecosystem: What It Takes To Fuel India’s Green Future

By-Nipun OS  India's energy goals for the next two decades are threefold: achieve energy security,…

5 days ago

India’s biogas sector to offer opportunities for the next 5-10 years: Jan and Anting, Weber Entec

How do you find the Indian CBG market on this visit? What’s the general sentiment?…

6 days ago

BAUR FOLIEN now market leader worldwide; ideally fit for India: MIROSLAV BENKA, MD

MIROSLAV BENKA, MD of BAUR FOLIEN talks to I am Renew and explains its business…

7 days ago

To step-up biogas solutions worldwide, Sistema.bio acquires Inclusive Energy

Biogas developer & innovator, Sistema.bio has acquired Bengaluru headquartered Inclusive Energy (IE) which is at…

1 week ago

ARYA raises 100 crore to develop biogas projects

ARYA, the project development division of GPS Renewables, has secured INR 100 crore in mezzanine…

1 week ago