The Barbados-based Caribbean Development Bank has signed an agreement to support Grenada's geothermal test drilling.
The £10 million Memorandum of Understanding involves the United Kingdom and Grenada.
The CDB says the agreement represents a significant milestone in the Caribbean's transition to a cleaner, more sustainable energy future, positioning Grenada and the wider region as leaders in renewable energy innovation.
Grenada Prime Minister Dickon Mitchell says the multi-million dollar investment is a significant milestone in Grenada's pursuit of a sustainable and resilient energy future.
In 2023, CDB approved US$9.4 million for the Geothermal Drilling Project, which includes drilling two exploratory wells to assess the island's geothermal potential.
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