Israeli company to potentially develop geothermal in Galapagos Islands
A free trade agreement between Ecuador and Israel could potentially bring geothermal development to the Galapagos Islands.
According to Public-Private Alliances and Delegated Management of Ecuador Technical Secretary Roberto Salas, a company from Israel has expressed interest in generating geothermal power in the Galapagos Islands. Should this project materialize, Ecuador is set to be the recipient of at least USD 200 million in investment.
This information comes as a result of the visit of Ecuador President Guillermo Lasso and a delegation of Ecuadorian authorities to Israel for an “Open to Business” event. Representatives of 120 Israeli and 80 Ecuadorian companies participated in this event where the team from Ecuador presented its investment portfolio.
It is worth noting that Ecuador and Israel already maintain a commercial relationship. Ecuador generates revenue of about USD 9 million annually through exports to Israel, and also imports about USD 30 million worth of products.
During the trip, President Guillermo Lasso further solidified the relationship with the signing of a memorandum of understanding for a free trade agreement between the two nations. With this agreement, both countries have also committed to promoting the exchange of specialized knowledge and promotion of commercial alliances.
In 2021, Ecuador announced a new Electricity Master Plan that included plans for 50 MW of geothermal development by 2026. There has also been plans of constructing the first geothermal plant in Ecuador in Chachimbiro, Imbambura.