THE Department of Energy (DOE) is looking for possible partners to manage a fund meant to help local geothermal power developers lessen their investment risks.
The DOE said the program aims to de-risk the most expensive part which is drilling explorations.
“Our de-risking policy, the study is almost complete so we’re just looking for a partner financing or an agency that will co-manage the fund or the facility. (We are) under discussion with various financial and agencies that can be partnered… Part of that is the de-risking tool that we will be using and if we can already find an ideal partner for the de-risking tool then we will launch it,” Mylene Capongcol, DOE assistant secretary, told reporters in a recent interview.
The idea behind the de-risking tool is to provide a sort of guarantee for projects to continue their geothermal exploration activities, Capongcol added.
In 2022, the DOE said it is working with the Asian Development Bank in crafting a geothermal de-risking roadmap for the Philippines.
