St Kitts & Nevis seeks funding for geothermal project from UAE group
St Kitts and Nevis Prime Minister Dr Terrance Drew speaking at COP28 in Dubai (source: The Government of St Kitts and Nevis)
Carlo Cariaga
17 Apr 2024
The Prime Minister of St Kitts and Nevis has met with UAE-based investment firm K&K Group to negotiate for investment support for the Nevis geothermal project.
St Kitts and Nevis Prime Minister Dr Terrance Drew has met with United Arab Emirates (UAE)-based investment firm K&K Group to propose a partnership for the geothermal project being developed in Nevis.
“This project is one for the history books, it will enable St. Kitts and Nevis to significantly reduce its reliance on fossil fuels, thereby lowering its carbon footprint, preserve its natural resources, and contribute to global efforts to combat climate change thus ensuring a healthier environment for future generations,” said Dr Drew about the project.
“During the development phase of the project, we will create new employment opportunities, drive economic growth, and foster sustainable development across both islands and the wider region.”
The geothermal project in Nevis has been in development for more than a decade. In 2018, it achieved a major milestone with the completion of a test well that confirmed a 255 °C resource at 914 meters depth. A development plan was then formulated with Phase 1 of the project targeting 10 MW of power generation capacity the drilling of five wells.
In December 2022, NIA and the Government of St. Kitts and Nevis announced a tender for the drilling of three production wells and two reinjection wells with funding from the Caribbean Development Bank (CDB). The bidding period had to be extended twice, owing to the massive show of interest that the tender attracted, before being officially closed on April 2023.
Earlier this year, a delegation from the Saudi Fund for Development (SFD) visited the islands of St Kitts & Nevis to meet with key government stakeholders and explore the possibility of a partnership for the geothermal project based in Nevis.
Dr. Tajeddine Seif, Chairman of the K&K Group, assured the Prime Minister that his company, along with its strategic partners, is committed to leading the development, installation, and management of renewable energy infrastructure. He further said that, “…by integrating geothermal energy into the grid, the Federation can improve grid stability and reliability, benefitting not only St. Kitts and Nevis but also potentially neighboring islands through interconnection”.
Although the outcome of the meeting had not been disclosed, the Government of St Kitts & Nevis has stated that it is looking forward to a fruitful collaboration and the transformative impact of the geothermal project on the nation’s energy landscape. More details on the project and collaboration can be expected in the coming weeks.
Source: St. Kitts Nevis Information Service and Dr. The Hon. Terrance Drew via Twitter
