Dominican Republic| Nov-16 | Renewable Energy for Energy Security in St. Vincent and the Grenadines
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Transcript of Dominican Republic| Nov-16 | Renewable Energy for Energy Security in St. Vincent and the Grenadines
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Presented by: Ellsworth Dacon
November 17 2016
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Discover St. Vincent & the Grenadines
https://www.youtube.com/watch?v=cypcRJPbQlU&list=RDcypcRJPbQlU
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What is the driver?
Lower Electricity
Stimulate economic growth
Increase in Foreign Exchange
Climate Change
Vulnerable to Changing weather
conditions
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Our Energy Concerns • Electricity approaches 50% of all operating
expenses for business.
• Energy Policy and Action Plan to reduce the dependence on fossil fuel
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Our Climate Concerns Climate change is a significant treat to our island.
•Small population
•Limited resources
•Remoteness susceptibility
•Excessive dependence on tourism and agriculture
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Caribbean Climate
INCREASED TEMPERATURES The number of very warm days and nights is increasing dramatically and very cool days and nights are decreasing
The Caribbean Sea has warmed
by 1.5ºC over
the last century.
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Caribbean Climate
However, overall rate of precipitation is
decreasing.
Number of heavy rainfall events is increasing…
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How and What will Climate Change Impact?
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Effect of Climate Change on the Economy
• Surge in the Tourism Industry – Erosion of beaches, land and protective mangrooves – Coastal houses, hotels and other buildings, along with roads and other infrastructure
damages.
• Surge in Agriculture – Drought – Loss of crops due to storms and hurricane – Increased crop pest – Damage to coral reefs – Changes in sea water temperature thus affecting fishing industry
• Increased Fiscal Infrastructure Cost – Road damage – Bridge destruction due to extreme floods – Loss of houses
• Low Water Reserves – Low crop production – Tourism industry affected – Higher energy cost due inability to supply energy via Hydro Electricity – Negative effect on health and Sanitation
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Small islands are sinking or eroding
Coral reefs are dying
Poor quality coral reefs will reduce
snorkelling and scuba diving experiences.
Impacts on tourism
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Short or long term loss of agricultural lands and
infrastructure – reduced production
Impacts on Agriculture
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Impact on Infrastructure
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Impacts on Property & Life
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Damage to Infrastructure (roads, etc)
2011 flood
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How do we adapt to Climate Change? St
rate
gic
ob
ject
ives
Enhancing capability to respond and mitigate natural disasters
Ensuring an adequate, safe , reliable and sustainable water supply.
Ensuring a clean, safe and healthy environment
Conserving natural resources through effective utilization and management
Reducing dependence on imported fossil fuels and reducing the adverse impacts of climate change
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Adaptation via Sustainable Energy
• Hydro Energy currently contributes 25% of SVG’s energy needs
• A 12 MW Geothermal Energy plant would be completed in 2018
• Solar Photo Voltaic panels installations are ongoing on a large scale by the government.
“With a peak demand of only 20 MW, a 12 MW geothermal plant could provide base power to supplement hydro, and reach 76% non-fossil generation by 2018.” (Director of Energy)
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Adaptation via Sustainable Energy • Government sets the
pace with Solar PV on buildings
• Geothermal Work ongoing
• Hydro Plant capacity increased
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Adaptation via Sustainable Energy
• Agricultural or animal wastes (pig and poultry) offer also offer opportunities for waste to energy systems.
• Energy efficiency has considerable potential, both in government building as well as in the tourism sector.
• Government offers incentives on renewable energy and energy efficiency technology
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SVG Geothermal Development Project
AIM To deliver a 10-15 MW geothermal power plant to St. Vincent & the Grenadines (SVG).
PROJECT PARTNERS
Reykjavik Geothermal; Emera Caribbean; Government of St. Vincent and the Grenadines;
COST $83 M
PROJECT BACKGROUND
Extensive Geothermal Exploration revealed conditions comparable to those of productive fields world-wide. A preliminary geophysical model indicated temperatures in excess of 240°C.
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Total Project Budget
CAPITAL STRUCTURE
Debt - Lender 1 6,700
Debt - Lender 2 42,572
Total Committed Debt 49,272 60.0%
Sponsor Shareholder Loan - 0.0%
Government Shareholder Loan - 0.0%
Sponsor Equity 24,636 75.0%
Government Equity 8,212 25.0%
Total Committed Sources 82,120 100%
• The Business Plan assumes that the project will be financed by 40% Equity and 60% debt
• It is proposed that the three parties will fund the drilling phase of the project, which inherently carries greater investment risk than the other phases of the project
• Concessional funding, where available, will help to reduce the project costs and the ultimate cost to electricity consumers
• Grid interconnection is estimated to cost US$9.5 million (~US1.5 cents/kWh)
• VINLEC has indicated its preference to own – finance, construct – and operate the transmission interconnection. This is to be confirmed
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SVG Geothermal Development Project
Project Update:
• The Geothermal Resources Development Act was enacted on August 18, 2015.
• St. Vincent Geothermal Company incorporated December 8, 2015
• IRENA and the Abu Dhabi Fund for Development (ADFD) have allocated USD 15 M in concessional loans to the project, with interest rates between 1-2% per year over a period of 20 years.
• DFID 5.8 M Grant
• CDB 9.5 M contingent loan at 1.75%
• The company – Environmental Resources management (ERM), was contracted to conduct the Environmental and Social Impact Assessment (ESIA). This was presented to the Government on April 8, 2016 for review and distribution to all stakeholders.
• Soil and water testing recently completed at the prospective drilling sites proved optimistic for geothermal development
• Drilling contractor selected .Drilling is scheduled to commence by November 2016.
• Civil works will commence July,2016
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Project Partners
GOVSVG
RG/Emera Caribbean
Project Company
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Sustainable Transportation
Electric Vehicle Demonstration Project:
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