The World Bank has approved $21.9 million in grant financing for the Renewable Energy Sector Development Project for the Eastern Caribbean island of Saint Lucia.
The financing will help the government of Saint Lucia assess the viability of its geothermal resources for power generation and strengthen the business environment for the private sector to pursue clean energy projects.
“This project will help the country evaluate how geothermal energy can contribute to the country’s national energy mix,” said Lilia Burunciuc, World Bank country director for the Caribbean. “Clean energy from geothermal sources can improve electricity system reliability and reduce the cost of oil imports. Transitioning to renewable energy would also decrease the country’s vulnerability to the volatility of fuel markets.”
According to the World Bank, more than 55 percent of firms identify the high cost of electricity as a major constraint to doing business in Saint Lucia. Whil
