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Annex 4. ECA Geofund and Africa ARGeo ECA Geothermal Development Program (Geofund) 68. In 2006, the World Bank approved a GeoFund program in the Europe and Central Asia Region to systematically promote the use of geothermal energy by removing knowledge/information, institutional and financial barriers pertinent to the development of geothermal energy. The Geofund was designed to be a regional program which spans a period of eight years with total GEF funding of up to $25 million. One of the innovative instruments under this Fund is called geological risk insurance (GRI). 69. The GRI scheme is designed to mitigate the geological risks which are considered one of the key barriers to geothermal development and to facilitate commercial financing to geothermal projects. Such insurance can be used to cover both short-term, up-front exploration risks (the production wells not encountering a geothermal reservoir or not encountering yield and temperature parameters as estimated prior to drilling), and longer-term, operation risks (declining yield and/or temperature, as well as chemistry, mineralization, resulting scaling and/or difficulties to re-inject the geothermal brine). Due to lack of established methodology in quantifying geological risks, in practice it operates as a compensation scheme in which the Geofund covers part of the actual drilling cost or lost operational revenue when the actual quantity or quality of geothermal energy resource is less than expected. 70. In phase I of the Geofund Program which was closed in December 2009, it provides GRI to cover exploration risks in Hungary. The Hungarian Oil and Gas Company carried out a test operation that involved exploring the possibility of using two abandoned oil wells for production and reinjection purposes. Both wells turned out to be unsuccessful and did not produce adequate geothermal flow rates needed for any geothermal-based power generation. In line with the Program guideline, the Geofund disbursed US$3.3 million to cover part of the actual costs of the eligible drilling activities incurred by the project developer. 71. As part of the second phase of the US$25 million GeoFund Program, a US$10 million GEF grant was allocated to IFC in April 2010 for geothermal development projects involving the private sector in Turkey. Building on the lessons learned in Hungary, the GRI scheme has been refined into a Geothermal Well Productivity Insurance, which will cover the short-term risks of resource exploration and drilling. IFC is currently working with the insurance industry to finalize the structure of the insurance instrument. It is planned to test the insurance offering with an initial pilot project in Fall 2011, and if successful, further projects are expected to follow shortly thereafter. 72. Based on the experience gained in the GeoFund, a similar risk migitation scheme has been introduced in the GEF-financed African Rift Geothermal Development Program (ARGEO) that the World Bank is preparing. The subproject that the GeoFund financed in Hungary provided an excellent example of how the triggering events and payment claim of a risk mitigation instrument were defined and processed in a transparent manner. However, the Geofund also provided important lessons for developing risk mitigation instrument for geothermal development, including: x Risks in the early stages of geothermal development are high and the initial success rate of exploration is particularly low. 84PDF Image | Drilling Down on Geothermal Potential Central America
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