West Indies Power Signs Financing for Geothermal Power Plants with Scotiabank
West Indies Power (WIP) signed a mandate agreement with the Bank of Nova Scotia (Scotiabank), pursuant to a guarantee from the Export Import Bank of the United States (EXIM), for the financing of a 10 MW geothermal power plant and later to arrange financing for a 30 MW geothermal power plant both of which will be installed on Nevis.
Pursuant to the mandate, Scotiabank will first finance, approximately USD$30MM, for a 10 MW geothermal power plant on Nevis. This plant will provide power to the Nevis Electricity Company (NEVLEC) in the first half of 2011 for the people of Nevis.
Once a Power Purchase Agreement and other required documents are signed by the St Kitts Government, Scotiabank will arrange financing for an additional 30MW geothermal power plant which will supply low cost, renewable energy to the St. Kitts Electricity Department, via a submarine cable from Nevis, for the people of St Kitts.
Kerry McDonald, CEO of WIP stated, “WIP is very pleased to have Scotiabank, one of the leading banks in the Caribbean region, and EXIM providing financing for the first geothermal plant in the Eastern Caribbean and we look forward to a continuing relationship with them on our future plants”.
WIP is an independent power producer specializing in the development of geothermal energy in the Caribbean with geothermal development projects on Nevis/St. Kitts, Dominica, Saba and other Caribbean islands.