Sustainable Energy Facility for the Eastern Caribbean (GCF-FP020)

Regions
  • Latin America and Caribbean
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Green Climate Fund (GCF)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
A
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
Oct 1, 2017
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
Caribbean Development Bank (CDB)
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Grant, Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 80.00 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.
Loan Amount (USD)
$ 60.00 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.
Grant Amount (USD)
$ 20.00 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)
$ 190.47 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
Primary Source

Original disclosure @ GCF website

Updated in EWS Jul 29, 2020

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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.

Financing commercial Geothermal Energy (GE) projects whilst strengthening legal and regulatory frameworks to underpin the development of GE potential in the East Caribbean region.

According to the Green Climate Fund, five East Caribbean states (Dominica, Grenada, Saint Kitts & Nevis, Saint Lucia and Saint Vincent & Grenadines) have small and isolated electricity markets that depend heavily on imported liquid fossil fuels for electricity generation. In pursuit of United Nations Sustainable Development Goal number 7 (affordable and clean energy), the Green Climate Fund says Geothermal Energy (GE) presents the largest available renewable energy resource, with the potential to provide low cost, reliable electricity generation.

The main barriers to GE development are the high investment cost, high uncertainty during early development stages, lack of access to capital and ability to finance through public debt, inadequate regulatory and policy frameworks, and other factors such as lack of technical skills and economies of scale.

The Green Climate Fund says that the Sustainable Energy Facility for the Eastern Caribbean will address these financial, technical and institutional barriers by providing institutional strengthening and capacity building, and provide a financing package. This financial package may include concessional loans and reimbursable grants to mitigate exploration and other underlying risks and unlock investments in GE by the private sector, critical to develop GE projects in the region. The end result will be to deliver GHG Emission Reductions of 9.4 million TCO2e during the lifetime of the programme.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The following groups will provide co-financing:

Inter-American Development Bank Loan : US$20.0 million

Clean Technology Fund Grant: US$ 19.1 million 

Japan International Cooperation Agency Loan:

CDB Loan: US$10.0 million

Global Environment Facility Grant: US$1.9 million

Inter-American Development Bank Grant: US$500.0 thousand

Japan International Cooperation Agency Grant: US$1.0 million  

Department for International Development Grant: US$18.0 million 

 


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.

Inter-American Development Bank (IDB)

Matias Bendersky

+1 (202) 623-1723

mbendersky@iadb.org

Amal-Lee Amin

+1 (202) 623-1924

amalleea@iadb.org

Dominica: Ministry of Planning, Economic Development and Investment 

Samuel Carrette

+1 767 226 3561

+1 767 266 4289

Grenada: Ministry of Economic Development 

Fitzroy James

+1 473 435 8880 ext. 31125

Titus Antoine

+1 473 435 8889 ext 31130

Saint Kitts and Nevis: Department of Economic Affairs and Public Sector Investment Planning 

Lavern Queeley

+869 467 1255

Saint Lucia: Department of Economic Development, Transport, and Civil Aviation 

Philip Dalsou

7584685825

Saint Vincent and the Grenadines: Government 

Laura Anthony-Browne

+1 784 457 1746

 

ACCESS TO INFORMATION

Requests for project information may be submitted using the IDP Request for Information by email to: disclosure@gcfund.org.

You can also submit an information request using this online form: https://www.greenclimate.fund/about/disclosure/form.  Additionally, if information requested is denied, an appeal can be filed to the Information Appeals Panel: iap@gcfund.org.  You can learn more about the Information Appeals Panel at: https://www.greenclimate.fund/about/disclosure/appeals.

 

ACCOUNTABILITY MECHANISM OF GREEN CLIMATE FUND 

The Independent Redress Mechanism (IRM) addresses complaints by people who believe they are negatively affected or may be affected by projects or programmes funded by the Green Climate Fund (GCF). The complainant can raise issues related to any of GCF’s policies and procedures, including those relating to social and environmental issues, indigenous peoples, gender, and information disclosure, among others. If you submit a complaint to the IRM, it may seek to address the issues raised by facilitating problem solving or conducting a compliance process. You can learn more about the Independent Redress Mechanism and how to file a complaint at https://irm.greenclimate.fund/.

You can access a video about the IRM (English) at: https://youtu.be/1LanbriVhfs.

A brochure about the IRM can be accessed in English, French, Spanish, Portuguese, Arabic, Mandarin, Mongolian, Vietnamese, Russian, Ukrainian, Korean, German, and Kiswahili at: https://irm.greenclimate.fund/.

 

How it works

How it works