At the 2018 GeoTHERM Exhibition and Congress, the European Geothermal Energy Council (EGEC) recognized the Geothermal Development Facility for Latin America as the winner of this year’s annual European Geothermal Innovation Award. GDF Latin America was selected among endorsed nominations of outstanding contributors to the geothermal field, ranging in expertise from engineering companies to universities and research institutes.
The European Geothermal Innovation Award is given to companies that have significantly aided in the progression of geothermal energy development, whether it be through innovative products, scientific research or project initiatives. Award winners are recognized for their outstanding work and impact on a growing and dynamic industry. The award acknowledges originality, innovation, reliability, reduction of emissions and improvements in energy output. It also provides an opportunity for industry peers to acknowledge excellence and for the most exciting ideas to be widely publicized.
GDF Latin America is the first multi-donor climate initiative offering risk mitigation for surface studies and appraisal drillings during the exploration phase of geothermal projects in Latin America. GDF is striving to encourage public and/or private investment in geothermal power development in the region. The ultimate goal of the facility is to develop a minimum of 7 geothermal plants with a cumulative capacity of at least 350 MW at a total estimated investment of €1-2 Billion.
GDF launched in 2016 and last year held a successful first call for Expressions of Interest (EOI). Out of 23 applicants 8 winners were chosen and awarded the necessary funding for projects in Central and South America. Following up on this initial success this past February GDF concluded its second EOI with 16 applicants, which are currently being evaluated. GDF is also in the process of working with other Development Finance Institutions (DFI’s) to secure more funding, among which are the Inter-American Development Bank and the Green Climate Fund.
About IDA Fund Management
GDF is managed by IDA Fund Management, a consortium led by Interlink Capital Strategies (www.interlinkdc.com), a Washington, DC-based management consulting firm and financial advisor well known in the Export Credit Agency (ECA) and DFI space. ICS managers include the former head of OPIC during the George W. Bush Administration, Peter Watson, and former Vice Chairman and COO of ExIm Bank during the Obama Administration, John McAdams. In addition to having worked extensively with OPIC and ExIm Bank, ICS uses a number of DFI’s and ECA’s to support its clients’ expansion into emerging markets.