News

St. Vincent geothermal project to be signing PPA and new shareholder agreement

Barrouallie, Saint Patrick, Saint Vincent and the Grenadines (source: flickr/ Chris LeCroy, creative commons)
Alexander Richter Alexander Richter 22 Oct 2018

The Power Purchase Agreement for the geothermal project in St. Vincent, Caribbean is expected to be signed soon, in conjunction with a new shareholder agreement between the developing parties of Emera Inc. and Reykjavik Geothermal and St. Vincent.

The planned geothermal project on St. Vincent in the Caribbean is about to reach a key milestone. As reported locally, Prime Minister Dr. Ralph Gonsalves has indicated that the Power Purchase Agreement (PPA) for the geothermal project is expected to be signed shortly.

The PPA will be signed between St. Vincent Electricity Services Limited (VINLEC) and on the project side, Emera Inc. and Reykjavik Geothermal.

As part of the expected deal, an adapted shareholders agreement will also be signed, which will put the shareholding in the project by St. Vincent to 49% and 51% to be held jointly by Emera Inc. and Reykjavik Geothermal.

Source: 999WEFM