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Dominican Republic| Nov-16 | Renewable Energy for Energy Security in St. Vincent and the Grenadines

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Presenter: Ellsworth Dacon

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Dominican Republic| Nov-16 | Renewable Energy for Energy Security in St. Vincent and the Grenadines

  1. 1. Presented by: Ellsworth Dacon November 17 2016
  2. 2. Discover St. Vincent & the Grenadines U&list=RDcypcRJPbQlU
  3. 3. What is the driver? Lower Electricity Stimulate economic growth Increase in Foreign Exchange Climate Change Vulnerable to Changing weather conditions
  4. 4. Our Energy Concerns • Electricity approaches 50% of all operating expenses for business. • Energy Policy and Action Plan to reduce the dependence on fossil fuel
  5. 5. Our Climate Concerns Climate change is a significant treat to our island. •Small population •Limited resources •Remoteness susceptibility •Excessive dependence on tourism and agriculture
  6. 6. 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.
  7. 7. Caribbean Climate However, overall rate of precipitation is decreasing. Number of heavy rainfall events is increasing…
  8. 8. How and What will Climate Change Impact?
  9. 9. 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
  10. 10. Small islands are sinking or eroding Coral reefs are dying Poor quality coral reefs will reduce snorkelling and scuba diving experiences. Impacts on tourism
  11. 11. Short or long term loss of agricultural lands and infrastructure – reduced production Impacts on Agriculture
  12. 12. Impact on Infrastructure
  13. 13. Impacts on Property & Life
  14. 14. Damage to Infrastructure (roads, etc) 2011 flood
  15. 15. How do we adapt to Climate Change?Strategicobjectives 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
  16. 16. 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)
  17. 17. Adaptation via Sustainable Energy • Government sets the pace with Solar PV on buildings • Geothermal Work ongoing • Hydro Plant capacity increased
  18. 18. 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
  19. 19. 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.
  20. 20. Total Project Budget CAPITALSTRUCTURE Debt-Lender1 6,700 Debt-Lender2 42,572 TotalCommittedDebt 49,272 60.0% SponsorShareholderLoan - 0.0% GovernmentShareholderLoan - 0.0% SponsorEquity 24,636 75.0% GovernmentEquity 8,212 25.0% TotalCommittedSources 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
  21. 21. 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
  22. 22. Project Partners GOVSVG RG/Emera Caribbean Project Company
  23. 23. Sustainable Transportation Electric Vehicle Demonstration Project: