The Next Challenge for Geothermal: Turning the Corner Towards Private Investment (RenewableEnergyWorld.com)
Early this year, the U.S. geothermal industry caught a rare win with the passage of a PTC provision that allows projects to qualify for the tax credit as long as they are "under construction" by the end of the year. Many had been hopeful that the provision would help kickstart geothermal development in the U.S. Today, however the industry is still waiting for a clear definition of what "under construction" means, which is making it difficult for investors to feel confident enough to pull the trigger on new projects.
While the U.S. industry waits for projects to start moving at home, many are moving their interests to emerging market development and clean energy exports, especially in booming geothermal markets like East Africa and Southeast Asia, according to Karl Gawell, executive director of the U.S. Geothermal Energy Association. "Most people in the energy business know that you don’t work in isolation. You may be based here in America, but you are also selling equipment and operations on the worldwide market."
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