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developer, the existence of an offtaker, transmission constraints, and a number of other variables. Thus, IDB’s plan would allow the flexibility to consider a number of options for the use of CTF resources to maximize their effectiveness to result in installed MWs of geothermal capacity in Chile. The current experience of the IDB in the development of a Risk Mitigation Instrument for Mexico (expected to be supported by the CTF) enhances the possibilities of cooperation between the two countries. Mexico has the fifth largest geothermal capacity installed worldwide, but the investment has been so far limited to CFE, the public utility. Both Mexico and Chile share the interest to promote private investment in geothermal development and the collaboration would enrich the design of the instrument for the Chilean case. The financial leverage and coverage that CTF resources would allow will depend on two main variables: i) the risk mitigation mechanism, and ii) the type of resources CTF provides (grant-loan ratio). The options and implications are discussed below: I. Risk Mitigation Mechanisms There are various options to be considered, including insurance, guarantees, mezzanine financing or capital contributions to projects to mitigate and/or share the risk associated with the existence, amount, quality and cost of development of the geothermal resource. a) Insurance An insurance scheme would likely have the higher risk-sharing and financial leverage potential, resulting in the possibility of greater coverage (number of fields) for a limited amount of available resources. Insurance would provide coverage for the lenders, enabling the project sponsor to leverage its equity, reducing capital at risk and improving the risk/reward balance and the internal rate of return (IRR). CTF resources could subsidize the cost of the insurance premium, making the project economically and financially viable despite its high cost. While a geothermal resource risk insurance product is not currently available in the Chilean market, IDB is currently working with the insurance industry to determine its viability, time for development, and cost and coverage profile. b) Other risk mitigation mechanisms While the development of an insurance scheme is GoC’s initial preference, given the uncertainty over its viability at this early stage, other risk mitigation instruments will be considered as project developers and financiers are engaged. Such instruments will include guarantees, capital contributions and mezzanine financing, all of which have been used successfully in other cases. While these instruments may have lower leverage than an insurance product, they can also be effective tools to achieve the program objectives, and would likely be easier to structure and implement. II. Type of CTF contribution In light of the limited concessional resources available relative to the high cost of drilling (especially in the Chilean context) the type of funding provided by CTF would have a significant effect on the way they can be utilized, the leverage they could generate and the coverage (number of projects supported) they could offer. Page |23PDF Image | CLEAN TECHNOLOGY FUND INVESTMENT PLAN FOR CHILE
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