The World Bank Board of Executive Directors has approved the US$21.9 million grant for the Renewable Energy Sector Development Project for Saint Lucia. This grant 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.
The project will support exploratory drilling, capacity building, technical assistance, and market engagement. The project will also prepare women for employment for technical jobs within the energy sector by giving them access to educational programs and employment opportunities.
This project is financed by the Canada Clean Energy and Forests Climate Facility, the United Kingdom’s Foreign, Commonwealth & Development Office, the Clean Technology Fund, as well as funds from the International Development Association (IDA). IDA financing is interest-free with a maturity of 40 years, including a grace period of 10 years.
