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The Caribbean Renewable Energy Development Programme, CREDP

The Caribbean Renewable Energy Development Programme, CREDP. Roland Clarke, Ph. D. Project Manager, CREDP Tel: 592 222 0002 thru 9 ext. 2631 rclarke@caricom.org http://www.caricom.org/jsp/projects/credp.jsp 16 May 2006. BACKGROUND AND CONTEXT.

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The Caribbean Renewable Energy Development Programme, CREDP

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  1. The Caribbean Renewable Energy Development Programme, CREDP Roland Clarke, Ph. D. Project Manager, CREDP Tel: 592 222 0002 thru 9 ext. 2631 rclarke@caricom.org http://www.caricom.org/jsp/projects/credp.jsp 16 May 2006

  2. BACKGROUND AND CONTEXT • Purpose: To prepare a regional project to remove barriers to the use of renewable energy and thereby foster its development and commercialisation • Barriers – • Policy & lack of legislative and regulatory reform • Financing i.e TA for project preparation, and lack of dedicated equity and debt financing for projects • Capacity i.e. training • Information i.e. web site, mailing list, DVD’s

  3. The Bahamas Barbados Belize Cuba Dominica Grenada Guyana Jamaica St. Kitts & Nevis Saint Lucia St. Vincent & The Grenadines Trinidad & Tobago Suriname COUNTRIES

  4. UNDP/GEF & GTZ Financing (US$) • Project funded by the GEF/UNDP and the German GTZ. • TOTAL: 6.646 MM • UNDP/GEFProject – Phase II 4.076 MM • PDF B Phase 1 – Part II 0.350 MM • Sub-total GEF:4.426 MM • GTZ 2.220 MM

  5. CREDP Eligibility Criteria • General • Electricity from wind, hydro, solar PV, geothermal, biomass. Also solar water heating • R&D projects will be excluded. • Manufacturing projects will be excluded • Only studies aimed at preparing projects for bank financing • No general utility planning studies • Hydro • Large scale hydro dam projects must meet GEF environmental damage criteria

  6. CREDP Eligibility Criteria • Geothermal • No early stage support under CREDP • Developers must provide • a complete resource assessment, • an environmental impact assessment, and • an economic assessment • OAS/UNEP GeoCaribes project targets early stage with drilling risk fund and policy intervention

  7. CREDP Economic Selection Criteria • No net increase in GHG emissions • BCR > 1 or NPV > 0 or DSCR > 1.5 • After Tax ROI Equity > 15% • Must have net foreign exchange savings • Government letter of support (project specific)

  8. CREDP’s Policy Activities • Development of legal drafting instructions • Development of templates for • Electricity Supply Act or License • Regulatory Act • Energy Policy and Plan • Inputs on RE to the Regional Energy Policy • Research on policy initiatives and electric utility perspectives in the Caribbean • Support national energy committees with funding and technical consultants

  9. CREDP’s Policy Activities • Development of legal drafting instructions • Development of templates for • Electricity Supply Act or License • Regulatory Act • Energy Policy and Plan • Inputs on RE to the Regional Energy Plan • Research on policy initiatives and electric utility perspectives in the Caribbean • Support national energy committees with funding and technical consultants

  10. Policies

  11. Policies

  12. Policies

  13. Policies

  14. Policies

  15. Policies

  16. Utility Survey Responses - 1

  17. Utility Survey Responses – 1 cont’d

  18. Utility Survey Responses - 2

  19. Utility Survey – 2 cont’d

  20. Template documents available • Purchased Power Agreement, PPA • Interconnection Agreement • Equipment, Procurement & Construction (EPC) Contract • O&M Contract/Specifications

  21. Small Grants available for Pre-Feasibility Studies • Typically about US$15,000 per country • Purpose: To conduct pre-feasibility studies and RETScreen analysis • Typically includes visit by CREDP and a technical consultant • Projects must pass pre-feasibility screen and CREDP selection criteria before further consideration by Caribbean Renewable Energy Technical Assistance Facility, CRETAF

  22. Design of Financing Mechanisms - CRETAF • CRETAF ($1.6 MM), subset of CREDP • Purpose: Final preparation of projects for bank financing • Up to $100,000 per country for all projects • Projects must be screened by CREDP using RETScreen – www.retscreen.org • Design as a contingently recoverable loan i.e. • Loan repayable if and only if the project receives investor or debt financing • Loan converted to a grant otherwise

  23. Studies funded by CRETAF • Detailed site specific resource assessments • Grid integration studies • Development of PPA’s • Environmental impact assessments • Detailed Feasibility Studies

  24. Design of Financing Mechanisms - CREF • CREF - Caribbean Renewable Energy Fund • Currently under development, Q3 2006 • Fund raising Q4 2006 and beyond • Purpose: Debt and/or equity financing for RE projects • Also intended to leverage debt from commercial and other banks

  25. Next Steps for You • Contact us for assistance for • National Energy Committees – we provide a template document that gives a framework and a guide for the development of a national energy policy document. We also give technical assistance and financial support to Committees. • Pre-feasibility studies – we provide technical assistance, and financial support of US$15,000 for RETScreen studies • Give us 10 weeks advanced notice

  26. View our Web Site • http://www.caricom.org/jsp/projects/credp.jsp • Thank you

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