- World Bank will provide funds for a feasibility study in St Lucia.
- A geothermal project will help to lower energy costs on the Island.
The World Bank is set to provide $21.9 million to the government of Saint Lucia to assess the viability of its geothermal power generation. The funds will cover exploratory drilling, capacity building, technical assistance and market assessment. The Canada Clean Energy and Forests Climate Facility, the UK’s Foreign, Commonwealth & Development Office, the Clean Technology Fund and the International Development Association (IDA) will also provide additional funds to the St Lucia government.
World Bank officials believe that a future geothermal energy project will translate to lower electricity costs for homes and businesses in the Caribbean nation. Saint Lucia currently depends on power generation from expensive fuel imports, which firms on the island have identified as one of the barriers to doing business.