Agencies have funded two geothermal energy projects
The Project Facility has already allocated $144 million worth of funds over three cycles for renewable energy, which will see 15 projects supported from the Pacific to Africa and from the Caribbean to the Middle East.
A 10 to 15 megawatt geothermal project in St. Vincent and the Grenadines received a loan of 15 million dollars. The project will connect to the energy grid to provide a consistent power source for the entire country and will influence the deployment of additional geothermal projects in the Caribbean. The entire population of 104,000 people will benefit from the project.
A five megawatt, first-of-its-kind, small-scale geothermal project in Ardebil, northern Iran is received a loan of six million dollars. The geothermal power plant will produce electricity and thermal energy for rural Ardebil to provide local heating, greenhouse agriculture and fish farming. Governmental organizations such as the electricity, gas and environment departments, and the local population of 150,000 people will benefit from the project.
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