Saint Lucia - Renewable Energy Sector Development Project : Additional Financing

Overview & Synopsis

The development objective of Renewable Energy Sector Development Project for Saint Lucia is to inform the government of Saint Lucia on the viability of its geothermal resource for power generation and strengthen the enabling environment to scale-up clean energy investments with the private sector. This paper seeks the approval for an Additional Financing (AF) Credit, in the amount of 8.5 million US dollars, from the International Development Association (IDA). This AF includes a restructuring of the project to: (i) revise the component-wise costs; (ii) extend the project closing date by 29.5 months from December 31, 2025 to June 15, 2028, including the closing date of all active credits and grants supporting the project; (iii) update the results framework (RF) to extend the end-target timelines to the revised closing date of the project as well as rationalize select intermediate results indicators (IRIs) of the RF; and (iv) update disbursement estimates to align with the revised proposed closing date of the project.