The World Bank Board of Executive Directors approved yesterday US$21.9 million for the Renewable Energy Sector Development Project for Saint Lucia.
A release from the World Bank said that his grant financing will help St 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. 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”, said Lilia Burunciuc, World Bank Country Director for the Caribbean.
“The future development of geothermal energy, informed by the activities financed by this project, will translate into lower electricity costs for households and businesses.”
The release said that high electricity prices in Saint Lucia are an impediment to economic competitiveness and growth.