Renewable

July 29 (Renewables Now) - The World Bank will grant USD 21.9 million (EUR 18.5m) in financing to the government of Saint Lucia so it could assess the viability of its geothermal resources for power generation.

The funds will back exploratory drilling, capacity building, technical assistance and market engagement. Additional financing comes from the Canada Clean Energy and Forests Climate Facility, the UK’s Foreign, Commonwealth & Development Office, the Clean Technology Fund and the International Development Association (IDA).

“This project will help the country evaluate how geothermal energy can contribute to the country’s national energy mix,” said Lilia Burunciuc, World Bank country director for the Caribbean. She noted that future geothermal energy development in Saint Lucia would translate into lower electricity costs for households and businesses.

The high cost of electricity, which in Saint Lucia is sourced almost completely through expensive fuel imports, is indeed a major constraint to doing business in the Eastern Caribbean island nation as indicated by more than half of firms, the announcement says.

(USD 1.0 = EUR 0.844)