Alterra Power Corp Peru, former Magma Energia Geotermica returned last week a permit for exploration of geothermal resources in the Crucero area, cancelling the second exploration phase and requested to return the whole area.
Mining activities in Chile need and use great amounts of power that renewables could generate. Solar and wind power are good solutions but geothermal can provide baseload power for an industry that operates around the clock.
Citing a recent report from IRENA, Geothermal energy in Chile would be much cheaper than fossil fuels per Kwh and ACHEGEO calls for the Government to accelerate the delivery of concessions and implement a risk mitigation instrument that allows decreasing the initial costs for projects.
Geothermal is a viable and real alternative for developing economies and according to the WB, the ESMAP has mobilised US$235 million through the Clean Technology Fund towards scaling up geothermal energy in developing countries.
Low oil prices could be an opportunity for geothermal development in the region of Latin America and the Caribbean, as it could lower prices for drilling activities and free up drilling capacity for geothermal development.