The Caribbean Development Bank (CDB) on Friday announced approval of a US$34.8 million loan to the Geothermal Power Company of Dominica (GPC) to fund the construction of a 10-megawatt (MW) geothermal power plant.
A release from the Barbados-based CDB said that the project is designed to strengthen Dominica’s energy security, reduce electricity production costs, and significantly lower carbon emissions in the power sector.
Currently, Dominica imports over 90% of its energy, mainly in the form of fossil fuels, the release said, and approximately 70% of the country’s electricity is diesel-generated, driving up energy costs.