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Government Seeking Approvalfor $46.4m for Geothermal Risk Mitigation Project.

by: - February 12, 2020
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Government is requesting approval to accept a $46.4 million dollar loan to further the geothermal energy project.

The request was tabled by Hon Minister for Blue and Green Economy, Fidel Grant tabled the request for authorization for credit facility from the International Development Agency for funding of the Geothermal Risk Mitigation Project.

In his contribution to the debate, Honorable Minister for Trade, Ian Douglas said, “In a couple of years- maybe even before 2030- when we have to begin repaying the loan, we would have developed the plant and started generating revenue from it. We are speaking about the small plant now which will give us a cheaper, more reliable source of energy than we have now.

He further disclosed that the necessary stakeholders have agreed to partner on this undertaking.