Geothermal projects in LAC region receive USD 15m for exploration and drilling support

The Geothermal Development Facility (GDF) for Latin America has awarded USD 15 million to support surface studies and exploratory drilling for seven geothermal projects in Chile, Peru, Nicaragua and Guatemala.

It is expected that the funding will catalyse a further USD 1.84 billion in future investment into geothermal development in the Latin American region.

The funding was awarded by GDF, winners of GEOLAC 2018 Award for Best Financing Programme, as part of their second call for applications. A third call for applications is scheduled for December of this year, and will aim to surpass the group’s original goal of supporting up to 350 MW of geothermal development on the region.

Due to the success and interest the programme has generated, with governments following suite and introducing reforms toward renewable baseload and geothermal power, KfW and the European Union may provide additional funding to the seed EUR 55m that GDF received.