Geothermal Drilling Project (IDB) (CDB-1970-GEOTHERMALSTVINC)

Countries
  • St. Vincent and the Grenadines
Geographic location where the impacts of the investment may be experienced.
Specific Location
La Soufrière
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • Caribbean Development Bank (CDB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Dec 1, 1970
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
St. Vincent Geothermal Company Limited, Government of St. Vincent and the Grenadines
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
  • Technical Cooperation
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Grant
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Grant Amount (USD)
$ 9.50 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 37.44 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Media Documents
Primary Source

Original disclosure @ CDB website

Updated in EWS Jun 22, 2023

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the CDB, the project consists in an exploratory drilling by the St. Vincent Geothermal Company Limited (SVGCL), a joint venture established between the Government of St. Vincent and the Grenadines and St. Vincent Geothermal Holdings Limited, to assess the geothermal resource in the La Soufrière region in northern St. Vincent; and for the services of a community liaison officer to support and facilitate stakeholder engagement throughout the project implementation. The outcome of the Project will be the enhanced capability of SVGCL to make an evidenced based determination of the feasibility of continuing geothermal resource development for electricity production.
The outcome of the Project will be enhanced capability of St. Vincent Geothermal Company Limited to make an evidence-based determination of the feasibility of continuing geothermal resource development in the La Soufrière region for electricity production.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

The St. Vincent Geothermal Company Limited will be the beneficiary and executing agency for this project. The Company is a consortium of Reykjavik Geothermal and Emera Caribbean.

As stated on the Reykjavik Geothermal's website, the company is a global leader in the development of sustainable geothermal power.

Emera Caribbean is, according to their website, a wholly owned subsidiary of Emera Inc. of Halifax, Nova Scotia.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Emera Caribbean Client Energy
- - - - Reykjavik Geothermal Client Energy

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

CDB Team Leaders:

Mr. Daniel Best - Director, Projects Department 
Email: bestd@caribank.org
Phone: +246 431-1710

Mr. Andrew Dupigny - Division Chief, Economic Infrastructure Division
Email: dupigna@caribank.org
Phone: +246 431-1735

Implementing Agencies -

Reykjavik Geothermal:

Address: Skolavorustigur 11, 101 Reykjavík, Iceland
Phone: +354 414 1250
Website: https://rg.is/

Emera Caribbean:

Address: P.O. Box 142 Garrison Hill, St. Michael, BB11000 Barbados, WI
Phone: +(246) 626-5013
Website: https://www.emeracaribbean.com/

ACCOUNTABILITY MECHANISM OF THE CDB

Complaints about suspected fraud and/or corruption may be submitted to the Office of Integrity, Compliance and Accountability. Allegations may be made by a variety of sources including staff, consultants, contractors, and other persons who may consider themselves participants in, witness to or victims of wrongdoing.

To make a complaint, access the following webpage: https://secure.ethicspoint.com/domain/media/en/gui/55678/index.html.

How it works

How it works