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), to reduce the risks associated with geothermal exploration and attract more private investment.
According to Energy Secretary Sharon Garin, the agreement is in its final stages and will serve as a key financial instrument to help developers cover the heavy upfront costs of drilling and exploration.
The agreement will make geothermal exploration less risky and attract more private investment into the sector.
Author's summary: DOE to finalize geothermal de-risking facility.
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