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26. Experience in developing countries to create a risk mitigation fund for geothermal development has been more limited. In 2006, the World Bank supported an innovative instrument called geological risk insurance (GRI) under its GeoFund program for the Europe and Central Asia Region (ECA). A similar risk mitigation scheme has been introduced in the GEF- financed African Rift Geothermal Development Program (ARGEO). Introducing a regional fund in Central America could draw useful lessons from these initiatives, including an adequate number of potential sites ready for test drillings and a region champion in managing and operating the fund. 27. (2) Support to IPPs. A second risk-sharing mechanism has been by providing incentives to independent power producer (IPP) to develop geothermal projects. While the IPP bears the entire resource risk and upfront costs involved in verifying the geothermal resource, they are compensated for taking on the early risks of development through favorable tariffs (such as through a feed-in tariff or direct negotiation) and/or other incentives. A major challenge of this approach is to gauge the actual and perceived country, sector, and project-related risks faced by IPPs and to design a package of incentives commensurate with such risks. 28. The United States has adopted this approach with measured success. Geothermal development in the US has been primarily led by private companies with significant incentives provided by the Government. Incentives have included higher renewable energy tariffs; federal loan guarantees; data purchase programs in which companies can sell the drilling information to the federal government (such as data on geology, temperature, and other variables); and government-sponsored research. Such incentives stimulated the drilling of more than 50 potential fields by private entities in the years 1979–1985. In the 1990s, low oil and gas prices and a reduction in federal incentives essentially stopped new exploration of geothermal fields. After 2002, with concerns about climate change and rising oil prices, federal and state programs were reestablished and a number of new incentives put in place, including mandatory set-aside requirements for new electric power generation, federal cost-sharing programs, tax credits, accelerated write-off of drilling costs, federal and state tax credits for the sale of electricity, accelerated geothermal lease sales by federal and state agencies via public auctions, research grants, and a federal loan guarantee program. As a result, more than 45 new geothermal exploration, drilling, and development projects were announced between 2006 and 2010. 29. Among the developing countries, the Philippines has recently adopted this approach, and it is still too early to tell if the incentives put in place are adequate to address the related risks and lead to tangible outcomes. It appears that private companies in the Philippines are keen on acquiring operational geothermal power plants from the public utilities, but may still be reluctant to invest in green-field development and take on the associated risks. In Nicaragua, the fiscal incentives put in place for geothermal development may not be sufficient as only some of the concessions for exploration are being actively pursued and it is unclear whether and to what viiiPDF Image | Drilling Down on Geothermal Potential Central America
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