News

Developer of Nevis geothermal project seeking funding from OPIC

Nevis well 3, steam flow (source: West Indies Power)
Alexander Richter 9 Jun 2016

Development of the geothermal project in Nevis continues with the developer currently evaluating existing wells and seeking funding from OPIC.

In a media statement, the Premier of Nevis in the Caribbean, “the Hon Vance Amory says progress into the development of the geothermal sector in Nevis is moving along smoothly.

In a recent update to the media, the premier noted that a recent report indicates that the energy resource is still in existence but they are investigating a problem with one of the geothermal wells.

“It appears that there had been some sort of sabotage of that well as they could not find the energy in a well which had been ejecting significant steam levels. We are still to investigate that a little further. But in terms of the other two wells which had been dug, they are satisfied that the energy levels are still there,” he said.

Premier Amory added that Nevis Renewable Energy International has approached the Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, to finance the geothermal project.

He said “The government itself will not be putting any money into it because we are contracting them to provide that service and they are taking that initiative as they have promised to approach financiers to finance the ongoing development of this renewable energy resource. So we shall be able, I think, in another couple of weeks to report to you on further progress in the development of geothermal in Nevis.”

Attention: in a previous version of this article we said that OPEC, the Organization of Petroleum Exporting Countries, was to be the source of funding sought, but this is not the case. The Premier was talking about OPIC.

Source: National Broadcasting Corp. of St. Kitts & Nevis