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extent they will be successfully developed as commercial projects. IFC is supporting the San Jacinto project in Nicaragua which, however, has been under consideration since at least the early 90s. 30. (3) Separation of steam and power production. A third risk-sharing mechanism is to separate steam production and power generation, which has been used in several countries, including Indonesia and Guatemala. The two parties involved sign a contractual sales agreement for the steam from the geothermal well which may include a “take or pay” clause. The steam producer, a public (Guatemala) or private (Indonesia) company, bears all resource risk and the power producer, an IPP or a national utility, is only responsible for the conventional risk of the financing and construction of the power plants. This mechanism has the benefit of distinguishing the upfront and downstream risks and selecting the most competent companies in each operation. However, it has a high risk of failure, sometimes for reasons outside of the control of the partnership, for example, financial difficulties by the power generator to pay the steam supplier, or the steam supplier failing to provide the amount of steam that was agreed upon. 31. (4) Public-private joint ventures. A fourth risk-sharing mechanism is a joint venture between the government and a private company to develop geothermal fields that have been initially evaluated by the government (such as through site reconnaissance, geophysical, geochemical and perhaps seismic studies and maybe gradient drillings). With such information, the private sector would thus be in a better position to evaluate the risk of the field, and the government would take a substantial position in the joint venture, together with an option to sell its holdings to the private partner at a pre-determined price if the drilling stage proves successful (thereby recouping its investment and making funds available for further development). If drilling is unsuccessful, the private partner has limited its risk substantially. This mechanism has been used in project finance deals in other areas but has seldom been applied in the energy field. 32. In Central America, three broad “development models” have been used for geothermal development: the state-owned model, public-private partnerships (PPP), and private sector concessions. In Costa Rica, the national power company ICE is the only developer of geothermal resources in the country. La Geo in El Salvador is a good example of a mixed government/private sector development strategy. In particular, it is worth highlighting the catalytic role of ENEL in providing technical advice and injecting funds in the company. The approach in El Salvador has been successful, although project risk is still backed indirectly by the Government. The Nicaraguan approach consists of providing concession areas to the private sector, which is expected to take on the exploration risk and develop the resource. Honduras is in the same category as Nicaragua, but only two concessions have been contracted so far. The approach adopted in Guatemala in recent years is similar to the one in Nicaragua in the sense that the Government is trying to develop its geothermal resources by offering concessions to private ixPDF Image | Drilling Down on Geothermal Potential Central America
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