Prime Minister the Hon. Dr. Terrance Drew Holds Successful Meetings with Investors to Secure Funding for Announced Geothermal Energy Project
Abu Dhabi, United Arab Emirates, April 15, 2024 [PMO] – Prime Minister The Hon. Dr. Terrance Drew continued his efforts in securing funding for and building strategic partnerships with the K&K Group, a prominent UAE-based investment firm to initiate the groundbreaking geothermal energy project in the Federation. This partnership marks a significant step toward the country’s commitment to renewable energy security as it furthers its agenda to a sustainable island state.
The clean energy project aims to harness the naturally occurring geothermal resources to produce clean, renewable power that will redound to the benefit of all citizens and the Federation’s economic future. This project aligns with the government’s vision for a sustainable future, which includes diversifying energy sources and reducing dependence on fossil fuels.
The Hon. Prime Minister stressed the importance of trusting partnerships in creating an enabling environment that will facilitate investment in the Federation.
According to Dr. Drew, “This project is one for the history books, it will enable St. Kitts and Nevis to significantly reduce its reliance on fossil fuels, thereby lowering its carbon footprint, preserve its natural resources, and contribute to global efforts to combat climate change thus ensuring a healthier environment for future generations. During the development phase of the project, we will create new employment opportunities, drive economic growth, and foster sustainable development across both islands and the wider region”.
Prime Minister Drew engages in discussions with investors in Abu Dhabi.
During the discussions with Dr. Tajeddine Seif – Chairman of the K&K Group, Dr. Drew repeated his government’s commitment to involving local communities in the project, providing opportunities for education and training in sustainable energy technologies, and empowering residents to contribute to the nation’s development.
Dr. Seif assured the Hon. Prime Minister that his Company along with its strategic partners including Siemens Energy are resolute in leading the development, installation, and management of the renewable energy infrastructure and delivery via a subsea cable. Dr. Seif said, “…by integrating geothermal energy into the grid, the Federation can improve grid stability and reliability, benefitting not only St. Kitts and Nevis but also potentially neighboring islands through interconnection”.
The Hon. Prime Minister expressed his gratitude to the investors for their confidence in the country’s potential and commitment to advancing this important initiative. The government looks forward to a fruitful collaboration and is excited about the transformative impact this project will have on the nation’s energy landscape.
Further details about the project and the collaboration will be provided in the coming weeks. The government remains dedicated to keeping the public informed as the project progresses.
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