Minister for Blue and Green Economy, Honourable Fidel Grant, said the ongoing construction of the Dominica Geothermal Plant is nearing completion. He however wants the House of Assembly to approve the sum of $46.4 million to aid the completion of the facility.
The minister and Wesley MP said the construction of the geothermal plant will pay for itself when it is completed. He added that the renewable energy project would enable electricity to be generated at a much lower cost to the ultimate consumer – which is one of the primary objectives of the government for the project.
Honourable Grant gave a breakdown of the requested XCD loan from the International Development Agency as follows:
Forty-six million four hundred forty thousand dollars [will be borrowed] from the International Development Association on the following terms – service charge of three-quarters of one percent per annum; a commitment charge of half of a percent per annum; 60 semi-annual repayments commencing May 15, 2030, and a grace period of ten years.
Fidel Grant: Minister of Blue & Green Economy, Agriculture and National Food Security
The Minister for Trade, Ian Douglas, agreed with the loan proposal, adding that the 10-year period given for repayment is sufficient for the geothermal plant to pay for itself.
The geothermal plant is being constructed by the Dominica Geothermal Development Company (DGDC) and situated in Laudat. It is named WW-P1 and estimated to generate 7,000 kilowatts of energy to power up to 23,000 residential homes.
Opposition Leader Lennox Linton stated that the geothermal plant will bring down the cost of electricity for homes and businesses, and aid productive investments across the island. He added that it is possible the UWP would have done things in a much different way, but the benefits of the plant to the nation cannot be underestimated.
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