The Caribbean Development Bank (CDB) approved funding for the development of the first set of production wells for the St. Kitts-Nevis Geothermal Project.

This was made on Friday December 9th. The funding is in the form of a Contingently Recoverable Grant (CRG).

Additional funding has also been acquired to facilitate the payment of the required technical experts needed to support the management of the just under $18 million dollar project. The Request for Proposal to select the Drilling Contractor will be issued next week.

Geothermal energy is a type of renewable energy taken from the Earth’s core. It comes from heat generated during the original formation of the planet and the radioactive decay of materials. This thermal energy is stored in rocks and fluids in the centre of the earth.