New Energy Events interview with Chris McCormick on the Latin American Geothermal Development Fund
In an interview with New Energy Events, Chris McCormick, Chief Investment Officer of the recently launched Geothermal Development Facility for Latin America discusses details and aims of the fund for geothermal development in the region.
In a recently published interview with Chris McCormick, the Chief Investment Officer of the Geothermal Development Facility for Latin America, New Energy Events aimed to better understand the details surrounding the new geothermal development fund, and how he expects the GDF will impact the development of geothermal projects across Latin America.
The US$50m fund, established by the German Federal Ministry for Economic Cooperation and Development (BMZ), via KfW, is structured to address the roadblock issues associated with the early phase development of geothermal projects. McCormick anticipates applications to the fund from both private developers and public sector entities.
In an era of falling solar and wind prices, progress for geothermal has slowed. McCormick suggests, however, that the GDF reduces the risk on the equity portion of a project thus making geothermal more competitive with other forms of renewable energy. In short he believes that the GDF gives geothermal a fighting chance in today’s highly competitive environment.
The GDF has been built on lessons learned from another KfW grant program, the Geothermal Risk Mitigation Facility for Eastern Africa. According to McCormick, “Latin American countries targeted with this fund are more advanced and we anticipate the GDF will be more successful … than the GRMF has been.”
New Energy Events has been holding its annual GEOLAC event and the date for GEOLAC 2017 will be released shortly.
Source: New Energy Events