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Chile has been a pioneer in studying its geothermal potential. The first exploration was conducted in 1907 in a geyser field in the north of the Country. Today, Chile has a center of geothermal research, the Andean Geothermal Centre of Excellence, supported by the National Commission of Scientific and Technological Research (CONICYT), which seeks to generate the necessary scientific knowledge to turn geothermal energy into a sustainable, environmentally friendly and economically competitive resource. Development potential Geothermal energy in Chile may have a high development potential because it offers a domestic, clean, cost-competitive, high potential resource -16GW, that can be produced domestically, according to available estimates- and generate baseload energy in an environment of rapidly growing energy demand. The goals set by the GoC (20% NCRE by 2025) further support this intention. To date, the Ministry of Energy has granted 70 exploration concessions and 6 development concessions (although none of these projects have installed generation capacity yet). Recently, the Chilean government set a new rule (Decree No. 114) for geothermal concessions to streamline project initiation and to give developers more certainty about the right to use the geothermal resources. This rule came into effect in March 2013 and aims to speed regulatory reviews by reducing concession requirements. The new rule grants the concession exclusive rights to both exploration and development (see p.9; Geothermal Law) Major constraints The main barriers that should be removed to increase investment and accelerate development of the geothermal resource occur during exploration and production drilling. As a result of the challenges in this and other areas described below, Chile has not yet generated any geothermal power. High risk and cost, including: (i) inability to determine resources ex ante (before drilling has taken place); and given the limited experience and knowledge of the geothermal resource in Chile, this results in failure rates much higher than in other places; (ii)high capital costs: activities encompassing exploration and production drilling can represent up to 60% of the total investment to be financed, a particularly severe issue in Chile, where the lack of local availability of adequate rigs requires sourcing rental equipment from abroad, thereby doubling or tripling drilling costs; (iii) long periods of maturity of the investment; (iv) insufficient knowledge on how to assess the feasibility of projects by investors, which increases risk perception; (v)costly transmission infrastructure investment needed given remote location of geothermal fields; and (vi) merchant project risk given the difficulty in securing PPAs in early stages of development and/or for an adequate duration (PPAs normally available in Chile are for no longer than 7-10 years; geothermal power production assets are normally amortized over 20+ years). All this creates shortage of funding or inadequate funding conditions (collateral requirements and excessive fees) and acts as a deterrent of private investment in the sector (See Fig.1-3) Time to commissioning: Project development lead times of geothermal (9-13 years) are longer than other renewable projects such as solar (1.7-2.7 years) and wind (5.5-9 years),17 making it more difficult to obtain a PPA with unregulated clients such as mining companies, or to have access to commercial financing. Local capacity: Limited supply of value chain players and technical expertise given the lack of a domestic oil and gas sector. The gas and oil sectors share similar activities with geothermal such as 17 Source: Bloomberg New energy Finance. Page |19PDF Image | CLEAN TECHNOLOGY FUND INVESTMENT PLAN FOR CHILE
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