World Bank $1.8m grant to strengthen capacity in geothermal development in Chile

Snapshot of Construction Video for Cerro Pabellon project, Chile (source: YouTube/ Enel)
Alexander Richter 29 May 2017

The World Bank has approved $1.78 million in funding to strengthen the capacity of Chile's Ministry of Energy to develop its geothermal sector.

As reported today by our Spanish sister publication, PiensaGeotermia, the World Bank has approved $ 1.78 million in funding for a four-year implementation period from the Clean Technology Fund (CTF), in order to “strengthen the capacity of Chile’s Ministry of Energy to develop the geothermal sector and contribute to the country’s energy security, “according to the portal of renewable energies.

The statement explains that the fund “will contribute to the energy agenda (Energy Agenda, A Country Challenge, Progress for All) and Chile’s Energy Policy (Energy 2050). Among its objectives is to promote the use of non-conventional renewable energy (ERNC) and reduce the cost of electricity. ” Therefore, knowing the possibilities that the country has to generate this type of energy, the Bank declared that it can be “a good renewable energy option to diversify the supply of energy of the country and reduce the price volatility”, besides that “The Government of Chile has made a concerted effort to develop its nascent geothermal industry,” although it is stressed that “despite what appeared to be a promising start,

“This project aims at addressing specific barriers in order to improve geothermal market conditions,” and that “by breaking down significant legal, social and market barriers, this technical assistance will contribute to the development of tradable geothermal resources,” So that in the long term these resources could be “a benefit for Chilean consumers”.

The World Bank director for Bolivia, Chile, Ecuador, Peru and Venezuela, Alberto Rodríguez, said that “the development of geothermal technology allows Chile to meet rising energy demand, provide energy security in an environmentally sustainable way, boost competitiveness Economic development of the country and promote investments in remote rural areas, where there is a greater concentration of poverty. ”

Source: ThinkGeoEnergy’s Spanish geothermal language service PiensaGeotermia