Nevis’ Geothermal project, which by and large is anticipated to benefit citizens & residents of SKN, has entered another process and is expected to close very soon.

Prime Minister, Dr. Terrance Drew, gave this update on the project, Feb. 17^th.

Prime Minister, Dr. Terrance Drew.

An Icelandic drilling company was selected for the project. In terms of funding, 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.

The project is also part of the Nevis Island Administration (NIA’s) and Federal Government’s efforts, in transforming the energy sector.