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96. The cost of financing could make an economically justified project financially unviable (as mentioned before, most geothermal projects in Central America are economically justified even without taking into account the environmental externalities associated with thermal generation). Indonesia addressed this problem with the assistance of the World Bank by developing a financial package to buy-down the financial incremental costs. This package includes three key coordinated measures: a) PGE, the public geothermal developer, agreed to a reduced return on its equity of 14 percent when other industry developers seek anywhere from 20-25 percent, b) CTF/IBRD blended concessional financing replacing equity or commercial financing options, and c) the Government supporting PLN, the state-owned utility, to offer a premium price for the project (funded through the PSO subsidy). Mexico offers another innovative mechanism called OPF (Obra Pública Financiada) to accelerate geothermal development with participation of the private sector. Under this scheme, CFE, the state-owned utility, develops the steam field, completes the pre-design of all the necessary components of the power plant, including the plant itself and associated transmission connections, obtains necessary permits, and then puts the project out for public bidding. The winning private sector contractor finances and carries out the construction of the project and then transfers the completed project to CFE for operation and maintenance. CFE pays the contractor the total amount of the contract after the transfer and resorts to private or public financing institutions for long-term financing. The risk for the private sector is limited to short-term financing over the construction and commissioning period and guarantees for the equipment. Legal and regulatory framework 97. In order for public-private partnerships to be effective, there is a need to strengthen sector regulations and incentives for geothermal energy development in general. Geothermal-specific regulations, generally, include the following: x Types of authorizations (e.g. exploration permits, long term concessions); x Definition of exploration and exploitation surface areas; x Market mechanisms for allocating exploration permits and exploitation concessions; x Rights of way for the development of geothermal sites, and compensation obligations; x Conflicts with concessionaires in different areas (e.g. mining); x Rents or fees due to the State for developing and exploiting geothermal resources; x Environmental conditions; x Incentives for the exploratory phase and fiscal incentives for the exploitation phase; x Shared reservoir use. 98. The regulatory framework for the energy sector in Central America has evolved in response to developments in other areas, such as the electricity market, and the perceived needs for specific statutes to promote geothermal power. Only Nicaragua has a specific geothermal law. All of the countries do, however, have regulations that affect the development of geothermal resources (e.g. either regulations specific to geothermal, or more general statutes related to the creation of a power plant or environmental mandates). Most countries need to take on a 40PDF Image | Drilling Down on Geothermal Potential Central America
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