DOE and LandBank to Finalize Geothermal De-Risking Facility
The Department of Energy (DOE) expects to finalize a de-risking facility with the Land Bank of the Philippines by year-end, with support from the Asian Development Bank (ADB).
Energy Secretary Sharon Garin stated that the agreement is in its final stages and will serve as a key financial instrument to help developers manage the heavy upfront costs of drilling and exploration, making geothermal exploration less risky and attractive to private investment.
The agreement will help developers shoulder the heavy upfront costs of drilling and exploration.
The goal of the facility is to make geothermal exploration less risky and attract more private investment into the sector.
Author's summary: DOE to finalize geothermal de-risking facility by year-end.
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