FP020
Sustainable Energy Facility for the Eastern Caribbean
Sustainable Energy Facility for the Eastern Caribbean
Financing commercial Geothermal Energy (GE) projects whilst strengthening legal and regulatory frameworks to underpin the development of GE potential in the East Caribbean region.
The five East Caribbean states of Dominica, Grenada, Saint Kitts & Nevis, Saint Lucia and Saint Vincent & Grenadines have small and isolated electricity markets that depend heavily on imported liquid fossil fuels for electricity generation. Geothermal Energy (GE) presents the largest available renewable energy resource, with the potential to provide low cost, reliable electricity generation.
The main barriers to GE development are the high investment cost, high uncertainty during early development stages, lack of access to capital and ability to finance through public debt, inadequate regulatory and policy frameworks, and other factors such as lack of technical skills and economies of scale.
The Sustainable Energy Facility for the Eastern Caribbean will address these financial, technical and institutional barriers by providing institutional strengthening and capacity building, and provide a financing package including concessional loans and reimbursable grants to mitigate exploration and other underlying risks and unlock investments in GE by the private sector, critical to develop GE projects in the region. The end result will be to deliver GHG Emission Reductions of 9.4 million TCO2e during the lifetime of the programme.
The project has an estimated lifespan of 8 years.
Project timeline
Pipeline
24 Jun 2015 - 479 days
Concept note received
24 Jun 2015
Funding proposal received
01 Aug 2015
Approved
14 Oct 2016 - 1,049 days
Approved by GCF Board
14 Oct 2016
Cleared by iTAP
14 Oct 2016
Legal opinion on AE's Internal Approval
12 Dec 2018
FAA executed
10 Jun 2019
Under implementation
28 Aug 2019 - 1,917 days so far
FAA effective
28 Aug 2019
Disbursement - USD 2,000,000
25 Feb 2020
Disbursement - USD 1,908,253
09 Apr 2024
Disbursement - USD 16,000,000
09 Apr 2024
To be completed
28 Aug 2027 - 1,007 days to go
One region
- Latin America and the Caribbean
Five countries
One priority group
- Small Island Developing States
-
Financing
- Private sector
- Public sector
-
Size
- Micro
- Small
- Medium
- Large
GCF financing25% disbursed
Instrument | Amount |
---|---|
Loan | USD 60,000,000 |
Grant | USD 16,000,000 |
Grant | USD 4,000,000 |
Total GCF Financing |
---|
USD 80,000,000 |
Co-financing
Co-financer | Instrument | Amount |
---|---|---|
Co-Financing | Loan | USD 20,000,000 |
Co-Financing | Loan | USD 16,810,000 |
Co-Financing | Grant | USD 19,050,000 |
Co-Financing | Grant | USD 500,000 |
Co-Financing | Grant | USD 1,240,000 |
Co-Financing | Grant | USD 1,935,698 |
Co-Financing | Grant | USD 5,607,167 |
Co-Financing | Grant | USD 18,300,000 |
Co-Financing | Grant | USD 14,000,000 |
Co-Financing | Grant | USD 15,000,000 |
Total Co-Financing |
---|
USD 112,442,865 |
GCF Contacts
General media inquiries
GCF CommunicationsSend e-mail
Request for information
GCF Information DisclosureRequest information about this project
Project complaints and grievances
GCF Independent Redress Mechanism (IRM)Phone +82 32 458 6186 (KST)
File a complaint
Integrity issues
GCF Independent Integrity Unity (IIU)Phone +82 32 458 6714 (KST)
Send e-mail
Entity
Inter-American Development Bank
Chief, Resource Mobilization Division
1300 New York Avenue, NW, 20577., Washington DC, United States
Lead Climate Change Specialist
1300 New York Avenue NW, Washington, D.C., United States
More contacts
National Designated Authority
Ministry of Finance, Economic Development, Climate Resilience and Social Security
Financial Secretary
5th Floor, Financial Centre Kennedy Avenue Roseau Commonwealth of Dominica
Chief Development Planner (Ag.)
5th Floor, Financial Centre Kennedy Avenue Roseau Commonwealth of Dominica
National Programme Coordinator for GCF Programme Activities
5th Floor, Financial Centre Kennedy Avenue Roseau Commonwealth of Dominica
Ministry of Climate Resilience, the Environment and Renewable Energy
Permanent Secretary Ministry of Climate Resilience, the Environment and Renewable Energy
4th Floor, Ministerial Complex, Sir Eric M. Gairy Botanical Gardens St. George's, Grenada W.I., St. George's, Grenada
Director of Climate Resilience Ministry of Climate Resilience, the Environment and Renewable Energy
4th Floor, Ministerial Complex, Sir Eric M. Gairy Botanical Gardens St. George's, Grenada W.I., St. George's, Grenada
Department of Economic Affairs and Public Sector Investment Planning Ministry of Sustainable Development
Senior Project Analyst Department of Economic Affairs & PSIP Ministry of Sustainable Development
Bladen Commercial Development Wellington Road, Basseterre, Saint Kitts and Nevis
Ministry of Finance, Economic Development and the Youth Economy
Permanent Secretary, Department of Economic Development
1st Level, Finance Administrative Centre, Pointe Seraphine, Castries, Saint Lucia
Chief Economist, Department of Economic Development
2nd Level, Finance Administrative Centre, Pointe Seraphine, Castries, Saint Lucia
Economist, Department of Economic Development
2nd Level, Finance Administrative Centre, Pointe Seraphine, Castries, Saint Lucia
Ministry of Finance, Economic Planning, Sustainable Development, and Information Technology
Director of Planning (Ag.)
2nd Floor Administrative Complex, Bay Street, Kingstown, Saint Vincent and the Grenadines