The Caribbean Development Bank has approved a US$17 million fund for geothermal energy development in St. Kitts and Nevis.
The funding is intended to lower electricity prices, cut carbon emissions, and improve energy security.
It was approved on December 9.
The drilling of up to two geothermal production wells and one geothermal injection well will be pursued by the twin islands.
The project’s goal is to establish a geothermal power plant of 10 megawatts, to meet domestic electricity demand in Nevis.
The Bank's Director of Projects, Daniel Best said the project could transform the island's energy landscape.
He says a 10 megawatt geothermal power plant on Nevis can supply all the island's domestic energy needs.
The project's scope includes providing project preparation assistance to the government and Nevis Electricity Company.
Funding for the project is from the bank’s Special Funds Resources, allocated from funding from the Inter-American Development Bank/Sustainable Energy Facility, the Green Climate Fund and the Government of Italy.
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