European Investment Bank Gives $1.4 Million to Geothermal Energy in Caribbean

Amid debt crisis talks and concerns of a splitting Eurozone, the European Investment Bank has announced that it will donate $1.4 million in geothermal energy grants in the Caribbean.

The project hopes to replace fossil fuels with geothermal renewable energy. The funds will help boost preparations for testing of potential electricity generation as well as the possibility of connecting to other islands. They will also work to evaluate a northern submarine interconnection between Dominica and Guadeloupe and Martinique.

“Ensuring the mosy effective use of geothermal energy as a sustainable source of electricity generation offers immense potential for transforming energy use and economic growth in the Caribbean. The European Investment Bank is pleased to contribute to overcoming specific technical and engineering challenges essential to lowering the energy costs in Dominica and to significantly increase the electricity generation from renewable energy sources in the East Caribbean,” said European Investment Bank VP Plutarchos Sakellaris.

Hon Rayburn Blackmoore, the Dominican Minister for Public Works, Energy and Ports said: “The European Investment Bank is a highly recognized and trusted development partner and so having the EIB on board in our geothermal development initiative is very instrumental in giving our program the exposure necessary to attract the best in the geothermal business- contractors, consultants, experts and, of course, investors. As the Minister of Energy, I thank the EIB for their continued interest in advancing our development objectives and look forward to strengthening the cooperation.”

Head of the Delegation of the European Union to Barbados and the Eastern Caribbean Valeriano Diaz said “The launch of this phase of the project underpins the EU’s goal of making renewable energy a priority to achieve the Millennium Development Goals, more particularly in terms of poverty alleviation and eradication.”

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