{"id":19805,"date":"2024-07-18T03:03:38","date_gmt":"2024-07-18T03:03:38","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/philippines-doe-keen-on-partnerships-for-geothermal-derisking-facility\/"},"modified":"2024-07-18T03:03:38","modified_gmt":"2024-07-18T03:03:38","slug":"philippines-doe-keen-on-partnerships-for-geothermal-derisking-facility","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/philippines-doe-keen-on-partnerships-for-geothermal-derisking-facility\/","title":{"rendered":"Philippines\u2019 DOE keen on partnerships for geothermal derisking facility"},"content":{"rendered":"
\n

The Department of Energy of the Philippines<\/a> is in the process of negotiating with potential partners for a derisking facility to help develop additional geothermal energy resources in the country.<\/p>\n

This update was provided by DOE Assistant Secretary Mylene Capongcol to local media. \u201cWe are talking to possible [an] implementing partner as our study is almost complete. We\u2019re just looking for a financing partner or an agency that will co-manage the fund or the facility. We are under discussion with various financial firms and agencies.\u201d<\/em><\/p>\n

Capongcol had also mentioned that the facility seeks to derisk the exploration phase of geothermal development, which is considered the most expensive and riskiest part of the entire development process. The DOE official further guaranteed that the derisking facility will be launched once they have found an ideal implementing partner.<\/p>\n

A cost-sharing mechanism<\/strong><\/h4>\n

With the assistance of the Asian Development Bank<\/a>, the DOE has been working to source funds and identify potential partner entities for a Geothermal Resource Derisking Facility (GRDF) for the Philippines. In 2022, the ADB and DOE assigned Amala Clean Energy Advisors<\/a> (AMALA), along with partners GeothermEx and Parhelion Underwriting, as consultants for the project.<\/p>\n

\"\"
Participants attending the workshop by Amala Clean Energy Advisors on derisking geothermal development in the Philippines (source: Amala)<\/figcaption><\/figure>\n

In April 2024, a team from AMALA conducted a workshop in the Philippines to present the proposed design for the GRDF. This was the culmination of an analysis done by AMALA on the geothermal industry in the Philippines The consultancy presented tailor-made solutions for addressing major risks and managing costs for geothermal in the country, in consideration of the costs and risks of the new proposed developments and the major barriers that have stalled the industry\u2019s development over the past two decades.<\/p>\n

A cost-sharing mechanism for exploration drilling was proposed, where government funds and private equity jointly finance drilling operations. This proposal was part of an overall \u201cGeothermal De-Risking Roadmap for the Philippines\u201d that aims to address the high resource risks inherent in new greenfield projects<\/a> that are proposed for development.<\/p>\n

Source: Business World<\/a> and Amala Clean Energy Advisors<\/a><\/p>\n

The post Philippines\u2019 DOE keen on partnerships for geothermal derisking facility<\/a> first appeared on ThinkGeoEnergy – Geothermal Energy News<\/a>.<\/div>\n","protected":false},"excerpt":{"rendered":"

\n

The Department of Energy in the Philippines is negotiating with potential partners for a derisking facility to spur geothermal development in the country.<\/p>\n

The post Philippines\u2019 DOE keen on partnerships for geothermal derisking facility<\/a> first appeared on ThinkGeoEnergy – Geothermal Energy News<\/a>.<\/div>\n","protected":false},"author":1,"featured_media":19806,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[18787,4468,4467,7631,168,14670,14669,5760,18546,1572,7490],"class_list":["post-19805","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-derisking","tag-doe","tag-energy","tag-facility","tag-for","tag-geo","tag-geothermal","tag-keen","tag-partnerships","tag-philippines","tag-think"],"yoast_head":"\nPhilippines\u2019 DOE keen on partnerships for geothermal derisking facility - Energy Buzz<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energybuzz.ph\/philippines-doe-keen-on-partnerships-for-geothermal-derisking-facility\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Philippines\u2019 DOE keen on partnerships for geothermal derisking facility - Energy Buzz\" \/>\n<meta property=\"og:description\" content=\"The Department of Energy in the Philippines is negotiating with potential partners for a derisking facility to spur geothermal development in the country. 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