St. Vincent’s Geothermal Project Gets US$15 million loan

  January 18, 2015, Kenton X. Chance

ABU DHABI, Jan 18, CMC – St. Vincent and the Grenadines has been granted a loan of US$15 million to help fund the development of a 10 to 15 megawatt geothermal project, expected to come on stream by 2018.

The funds are part of US$57 million in concessional loans for five renewable energy projects in developing countries financed under the second cycle of the International Renewable Energy Agency (IRENA) and the Abu Dhabi Fund for Development (ADFD).

The loans, announced on Sunday during IRENA’s Fifth Assembly, will also go to projects in Cuba, Argentina, Iran, and Mauritania.

“The geothermal project in St. Vincent and the Grenadines will connect to the energy grid to provide a consistent power source for the entire country and will influence the deployment of additional geothermal projects in the Caribbean,” IRENA said.

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