Finance: Update on Geothermal Exploration Financing from the GRC Annual Meeting

Multinational Bank Financing of Geothermal Exploration Up 11 Percent from 2012 (Renewable Energy World)

Pierre Audinet at the International Session of the GRC Annual Meeting

Financing of geothermal energy exploration by multinational banks has increased 11 percent, up from 6 percent in 2012 to 17 percent in 2015, Pierre Audinet, senior energy economist for World Bank’s Energy Sector Management Assistance Program (ESMAP), said on Sept. 21.

Speaking during the Geothermal Resources Council 39th Annual Meeting in Reno, Nevada, Audinet said that the increased spending from multinational banks, such as World Bank, is “a big achievement.”

A result of the World Bank-initiated Global Geothermal Development Plan, the investment in exploration is helping grow the global geothermal industry.

About 15 percent of capital expenditures for geothermal projects must be invested in exploration in order for the projects to move forward, Audinet said, adding that from 1977 to 2012, about 94 percent of the $3 billion invested in geothermal development by multinational banks was dedicated to above-ground infrastructure.

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