With the approval of $350 million by the Board of the Asian Development Bank, the Sarulla project in Indonesia has now secured a large part of its required debt of a total investment need at $1.5 billion.
The GEOELEC project has created a financing guide for private investors and banks, providing them with solid background knowledge on the different phases of a geothermal project, their distinct features, inherent risks, and financing options.
The European Investment Bank (EIB) paid Costa Rica $70 million for a 25 year loan for the development of geothermal power plant Pailas II, which will generate 55 megawatts. The previous week there was another line of credit signed that will add $560 million for the development of other geothermal projects in the country.
The private developer Africa Geothermal International (AGIL) has signed today a $8.4 million grant agreement with the African Union Commission to facilitate the exploration work at the private 140 MW Longonot develoment in Kenya.
The U.S. government is planning to provide around $20 million in seed funding for feasibility studies and environmental impact reports in Africa for solar and geothermal projects. This could unlock around $500 Overseas Private Investment Corp. funding and matching private funds of another $500 million.
Costa Rica plans the development of three projects with a combined power generation capacity of 155 MW, near the existing Pailas I plant at the Rincón de la Vijeja Volcaono, Guanacaste. The development is funded through a $560 million loan by Japanese International Cooperation Agency (JICA).