On Wednesday night’s airing of the “On the Mark” program, hosted by Premier of Nevis, Hon. Mark Brantley, Mr. Brantley spoke about a delegation that was on Nevis comprising of representatives from Caribbean Development Bank (CDB), Inter-American Development Bank (IDB) and the Green Climate Fund (GCF) to discuss the next steps of the Geothermal Energy Program:
This process took a long time as many document checks and alterations were needed between CDB and NEVLEC.
New bid documents were disseminated during November to new bidders which will end in February 2025, for the next step of the program. The CDB approved a contingency recoverable grant (CRG) of $17 Million U.S. to Nevis, one million for technical development and sixteen million for drilling.
This means that if drilling is successful, the grant would be converted to a long term low interest loan, but if drilling is unsuccessful, no money will be needed to be re-paid.
Further, Mr. Brantley concluded by giving the importance of the project:
