Prime Minister, Dr. Terrance Drew, speaking about the geothermal project on Nevis. In late November 2025, PM Drew announced that an Icelandic drilling company was selected for the project after an assessment by Castalia. Castalia is a global consulting firm which specializes in natural resources and infrastructure, just to name a few.

SKN secured US $37 million in funding for the drilling phase: US$17 million from the Caribbean Development Bank (CDB) and US$20 million from Saudi Fund for Development of the Kingdom of Saudi Arabia.

But why the Iceland company was best suited for the project? Iceland is a pioneer in geothermal energy. The country uses its volcanic activity to power the nation and develop advanced drilling techniques.

It is the Nevis Island Administration (NIA’s) and Federal Government’s hope, that by harnessing geothermal energy, it will transform the energy sector.