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Funds approved for new power station for Montserrat, geothermal energy still to be explored

Chief Minister of Montserrat, Reuben Meade, announced on Tuesday that the government has received funding approval for the financing of a new power station for the island.

Chief Minister, Reuben Meade speaking at Tuesday’s press conference

During a press briefing at his office, the chief minister said Britain’s Department for International Development (DfID) will provide $23 million towards the project, with the remaining $6.75 million coming from a “very favourable loan agreement with the Caribbean Development Bank” (CDB).

The CDB has approved Montserrat’s loan at a 2.5 percent interest rate for 30 years. An additional $300,000 in technical assistance for the development of the island’s power system will also be provided.

Meade countered media representatives’ call for the government to put its efforts into geothermal energy rather than spend $30 million on a traditional power system.

“We cannot gamble with the future of Montserrat,” the chief minister said. “Geothermal energy is still at least five years down the road.”

The government leader added that on Monday, a proposal was sent to DfID soliciting funds for the exploration of geothermal energy sources on island. Geothermal power for Montserrat is not a quick fix and the public should not be given the impression that if the money was found today, six months from now, everyone is receiving this supply to their homes, he remarked.

Montserrat Utilities Ltd (MUL) will be ordering a 1.5 megawatt plant, with the option of adding another 1.5 megawatt system if a geothermal system is not found to be viable for the island in the coming years, the chief minister said.


Source: Caribbean News Now

Category/ies:Montserrat News.
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