Dominica has signed an agreement with US-based Ormat Technologies Incorporated and its subsidiaries for the development of a 10-megawatt geothermal plant on the island.
The agreement, which also includes the state-owned Dominica Electricity Services, was signed yesterday on the sidelines of the United Nations Climate Change Conference.
Under the agreement, Ormat Technologies will finance the construction of the plant, operate, and maintain the power plant and geothermal wells for a period of 25 years, while the Dominica government will maintain ownership of the wells, lands, and other assets that it has invested in.
At the end of the contracted period, the power plant and other assets acquired during the life of the agreement will be transferred to the Government of Dominica.
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