KfW Selects IDA Fund Management to Manage €50 Million Early Stage Geothermal Development Facility for 10 Latin American Countries
The German government’s KfW Development Bank in conjunction with the European Union has announced the launch of a €50 million geothermal development fund for Latin America to focus on early stage development of this important renewable energy resource. Using a similar approach to geothermal development in East Africa, KfW will provide feasibility study funding and exploratory drilling to qualified developers in Chile, Bolivia, Peru, Ecuador, Colombia, Costa Rica, Nicaragua, Honduras and Guatemala, as well as a technical assistance forum for the various stakeholders. It is envisioned that the fund will leverage European Union and German government investment with other donor institutions to aggressively develop geothermal resources in Latin America as an important source of renewable power to enhance the energy mix in the region.
Using a similar approach to geothermal development in East Africa, KfW will provide feasibility study funding and exploratory drilling to qualified developers in Chile, Bolivia, Peru, Ecuador, Colombia, Costa Rica, Nicaragua, Honduras and Guatemala, as well as a technical assistance forum for the various stakeholders. It is envisioned that the fund will leverage European Union and German government investment with other donor institutions to aggressively develop geothermal resources in Latin America as an important source of renewable power to enhance the energy mix in the region.
After a rigorous international tendering process, KfW has selected a consortium to manage the fund, which will provide both technical and financial expertise. The consortium consists of:
Interlink Capital Strategies, a Washington, DC-based management consulting firm and financial advisor well known in the Export Credit Agency (ECA) and Development Finance Institution (DFI) space.
Dewhurst Group, LLC, a Washington, DC-based geothermal exploration and development company with international experience and offices within Latin America.
Ambata Capital, an investment and advisory firm focused on sustainability and alternative energy. Chris McCormick, a partner with Ambata, will serve as the Senior Investment Officer in the consortium. He has championed Ambata’s investments and initiatives in the geothermal sector and various related projects.
The consortium formed IDA Fund Management, LLC to manage the Geothermal Development Facility and the Technical Assistance Forum with oversight from KfW. The fund expects to be up and fully running in the next six months and will be accepting immediate inquires from interested parties. A formal announcement was made at the Iceland Geothermal Conference in Reykjavik, April 25-27th.
Alan Beard, Managing Director of IDA Fund Management observed, “For more than twenty years Interlink has aggressively sought to assist our clientele in emerging markets. The current partnership with KfW, along with our colleagues from the Dewhurst Group and Ambata Capital will allow us together to successfully make geothermal power an important element in the growth and development of select markets in Latin America.”
About Dewhurst Group, LLC
The Dewhurst Group, LLC (DG) is an international geothermal exploration and development company. DG is uniquely specialized in the discovery and characterization of renewable geothermal resources for electrical power generation. DG does not explore for fuels that impact climate change, notably hydrocarbons, and has a policy of promoting socially responsible development through its institutional membership in the Society for International Development (Washington, DC Chapter). DG has operating offices in Colombia and representative offices in Mexico and Chile. Past work has included projects funded by the United States Trade and Development Agency, the Inter-American Development Bank, and various governmental institutions.
Founded by Warren T. Dewhurst, Ph.D., P.E. as a Washington, DC based company, DG scientists and engineers develop independent evaluations of a site’s potential for utility-scaled exploitation. The goal is to reduce project development risk in a pragmatic, iterative and cost effective manner.
For more information, please visit www.dewhurstgroup.us
About Ambata Capital
Ambata Capital is an investment and advisory firm, focused on developing business as a positive force for change for people, places, and the planet. We have an experienced team with diverse backgrounds, spanning banking, investments, project finance, strategy, operations, and philanthropy. Our model is to partner with businesses to develop and deploy new, creative, secure, and sustainable solutions across energy, infrastructure, and finance.
About KfW Development Bank
KfW has been supporting the German government in implementing its development-policy goals since 1960. It combines financing know-how with development-policy expertise. On behalf of the German government, primarily the German Federal Ministry of Economic Cooperation and Development (BMZ), it promotes and supports programs and projects that mainly involve public-sector players in developing and emerging economies. KfW helps partner countries to create better living conditions, while protecting the climate and environment at the same time. This commitment starts with the conception of the project and continues with the financing, implementation and final performance review.
For more information, please visit www.kfw.de
Contact: Jozsef Szamosfalvi, 703-752-5880 Extension 157, firstname.lastname@example.org