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should provide certainty about the conditions of the whole process of geothermal resource extraction, and its transfer to electrical power. Successful implementation of this approach can be demonstrated through ORMAT's experience in geothermal developments in the nineties in the Philippines, where this private-public partnership scored highly and contributed to that country’s spectacular geothermal development (see Case Study No. 1). Contracting and Project Financing Process Once the preconditions for a geothermal power generation project are set up, the private company identifies business opportunities, attracts potential lenders, and then encounters numerous hurdles on the way to their implementation. A. Difficulties Due to the Small-Scale Nature of Most Geothermal Projects Geothermal energy projects are generally small and often located in rural areas, far from the decision makers. From the financing point of view a “small” project can be seen as a “thin” project – one that cannot tolerate all of the transaction costs and financing hurdles resulting from some of the traditional project finance elements. To cope with this problem we need to use “bundling” of prospective geothermal projects to achieve magnitudes of over 50 MW to obtain economies of scale. This can be done mainly under two different structures. The first, by the entity issuing the project by taking separate facilities and “binding” them into one project, under one set of documents, with joint structure (duration, tariff, securities, etc.). The second structure can be created by the sponsor by taking a few separate facilities, with no, or limited, relation between them and “bundling” them into one project to be financed by one financing scheme. To demonstrate ORMAT's experience in project “bundling”, see Case Study No. 2, ORMAT's project development “Leyte Optimization” in the Philippines. B. Contracting and Financing Financing structures, contract reviews, costs, procedures, timetable and review standards are usually geared for large-scale projects. For “small” projects not all traditional “project financing” elements are a “must” and, therefore, adjustment of the financing package is required in order to fit the specific nature and structure of “small” projects. Flexibility is also expected from lenders to small projects so that their requirements would be reasonable. The implementation of these projects can be accelerated by reducing the expenses and time delays required to arrange and close financing.PDF Image | Organisations in Different Renewables
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