By the Caribbean Journal staff

One of the Caribbean’s most ambitious green energy projects is getting a major boost from the World Bank.

The global institution has approved a $27 million project to support the construction of a 7mw geothermal power plant in Dominica, an endeavor that has long been in development.

“This is an extraordinary opportunity for Dominica to reach its energy and climate goals by investing in geothermal, and to build a greener and more resilient future. The country has huge potential to provide reliable, low-cost renewable and high-quality energy in support of climate resilient growth,” said Tahseen Sayed, World Bank Country Director for the Caribbean.

The project, called the Geothermal Risk Mitigation Project, could significantly lower electricity costs in Dominica and increase the share of green energy in the country’s energy mix from 25 to 51 percent.

The plant could also generate enough power to export “homegrown geothermal energy” to neighboring islands.

Developing geothermal energy, which derives power from underground reservoirs of heat, has long been a goal for several countries in the Eastern Caribbean.

— CJ