Monday, December 19, 2016

Latin America: "GDF Gives Geothermal a Fighting Chance in Today’s Highly Competitive Environment"

Chris McCormick, Geothermal Development Facility for Latin America (New Energy Events)

This week, New Energy Events spoke with Chris McCormick, the Chief Investment Officer of the Geothermal Development Facility for Latin America , to better understand the details surrounding the new fund, and how he expects the GDF will impact the development of geothermal projects across Latin America and the Caribbean.

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.

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