CDB marks financial close on Dominica Geothermal Energy Project

Published on September 15, 2025

The Caribbean Development Bank has reached financial close on a facility for the landmark Dominica Geothermal Energy 10MW Project.

The facility is made available to the Geothermal Power Company of Dominica (GPC) that was established specifically to implement the project. GPC is a wholly owned subsidiary of Ormat Technologies Inc, a leading international geothermal developer.

This transaction is the first geothermal project in the region to reach this stage with a private sector partner.

The power plant development phase is being implemented as a private sector-led initiative, with CDB acting as the lead financial arranger.

The project has secured USD 34.8 million in concessional funding. Of this amount, USD 25.4 million is provided by the Green Climate Fund (GCF) in the form of a concessional loan, which was mobilized through the Inter-American Development Bank (IDB)-GCF program titled “FP020: Sustainable Energy Facility for the Eastern Caribbean.”

An additional USD 9.4 million is being provided from Canada’s Supporting Resilient Green Energy Initiative in the Caribbean (SuRGE) programme. The CARICOM De velopment Fund (CDF) is also contributing USD 15 million in loan financing out of its own capital fund resources, as the major element of the CDF’s Country Assistance Programme for Dominica.