St Kitts and Nevis is poised to take a significant step forward in harnessing its geothermal energy potential, having secured a US$20 million concessionary loan from the Saudi Arabia Fund.
Prime Minister Dr Terrance Drew and Premier of Nevis, Mark Brantley made the announcement in a joint statement by on Monday.
“This is a significant step forward for this important project and now means that the drilling phase can proceed as soon as the bidding process is complete,” the statement read.
Geothermal exploration in the Federation began with an initial US$17 million loan from the Caribbean Development Bank (CDB), which helped kick-start the drilling phase. However, additional funding was required to fully support the project’s progression.
With the new loan in place, the country is now equipped to continue its efforts to develop renewable energy resources and reduce reliance on fossil fuels.
In November 2023, the Federation passed a resolution to prioritize the development of geothermal energy as a national initiative.
This move aligns with St Kitts and Nevis’ broader goals of sustainable development and energy independence
