October 9 (Renewables Now) - The Caribbean island nation of Dominica is on its way to build a 7-MW geothermal plant, starting on Tuesday with well testing at the site.
The geothermal project is co-sponsored by the country's Citizenship by Investment (CBI) programme, through which the government was able to provide funds. Other project financiers are the European Union, the Inter-American Development Bank, the Clinton Climate Initiative, the Caribbean Development Bank, the World Bank and the UK government.
The CBI programme allows foreign investors to secure Dominica’s citizenship in exchange for a minimum sum of USD 100,000 in contribution to the Economic Diversification Fund (EDF) or at least USD 200,000 in pre-approved luxury real estate, according to London-based legal advisory CS Global Partners, which promotes the scheme on behalf of the Dominica government.
Once fully operating, the new plant will be capable of supplying power to 23,000 households on the island and push Dominica’s renewable energy share to 51%, CS Global Partners said.
(USD 1.0 = EUR 0.91)