Chile is on to a fairly new trend: insurance for geothermal drilling. Meanwhile sites in Peru (and across the Atlantic in Slovakia) trade hands.
Chile: Geothermal Insurance Fund Proposed for 2014
Chile is looking at an insurance program for geothermal drilling to help kick off its geothermal concessions to reach generation success. The program would launch in 2014. IDB and the World Bank are involved in the funding, and the government is asking US$30 million to 35 million from the Clean Technology Fund (CTF). The plan includes US$14 million of Chilean funds toward a geothermal exploration center.
“Chile currently has 75 exploration concessions,” the energy ministry’s renewable energy head Carlos Barría told press. However, “we don’t have a single MW of geothermal at the moment. There are difficulties in construction and logistics. In addition many of the projects are located in the Andes where snow conditions make it impossible to work for four months out of the year.” He added, “By 2025-30 we hope to have 1,000-1,500 MW of geothermal in Chile.” Bnamericas.com
US-Based Company Sells Assets in Peru, Slovakia
Eurasian Minerals Inc. has announced the sale of geothermal assets in Slovakia and Peru to Starlight Geothermal Ltd. Starlight has agree to provide cash payments, an equity position, and gross royalties from future geothermal energy production. The Slovakia acquisitions are located at Ziar Basin in west-central, and the Pannonian Basin in the southeast. The Peru licenses are for the Tambochaca, Pumahuiri, Sengata, and Coropuna prospective projects in the Western and Eastern Cordillera. See Marketwire.com