REW: Multi-national bank financing for exploration up 11% from 2012
Renewable Energy World reports on a presentation on multi-national funding for geothermal exploration work by Pierre Audinet of the World Bank ESMAP program highlighting the growth of funding available.
Renewable Energy World reports on a recent presentation given by Pierre Audinet, senior energy economist for World Bank’s Energy Sector Management Assistance Program (ESMAP), at the GRC Annual Meeting in Reno, Nevada last week.
According to his presentation, “financing of geothermal energy exploration by multinational banks has increased 11 percent, up from 6 percent in 2012 to 17 percent in 2015, which is a big achievement.”
Renewable Energy World reports on this presentation providing some details of the presentation. The funding for exploration is – so Audinet – the result of the World Bank-initiated Global Geothermal Development Plan, the investment in exploration is helping grow the global geothermal industry.
“About 15 percent of capital expenditures for geothermal projects must be invested in exploration in order for the projects to move forward, Audinet said, adding that from 1977 to 2012, about 94 percent of the $3 billion invested in geothermal development by multinational banks was dedicated to above-ground infrastructure.”
The Global Geothermal Development Plan started in 2013 has raised so far $250 million. Audinet said that a portion of the $250 million is held by the Climate Investment Funds, and ESMAP uses a portion to finance identification and preparation of projects as well as other forms of technical assistance required to structure geothermal advancements in countries.
The funding now supports programs in seven countries, and Audinet said conversations are ongoing with Dominica, Ethiopia and Fiji that could lead to additional investments.
For details on the presentation and some of the examples highlighted, see the link to the Renewable Energy Article below.
Source: Renewable Energy World