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To promote renewable projects and remove the above hurdle, an orchestrated effort in public legislation should be initiated. It should promote rapid inclusion of externalities (i.e. GHG Emissions Reduction Accountability, avoided fossil fuel costs, etc.) in power tariffs and cost evaluations. A Renewable Portfolio should be established as part of the energy market. Technology Research, Development, Manufacture, Installation and Maintenance The last step in the equation of a successful geothermal power project development is the area of “technology”. Two decades of experience in the business lead us to the conclusion that in this area the private sector takes the lead and bears the risks. Government sponsored RD&D processes suffer under severe cuts and the trend is applied worldwide, as public budgets decrease, but in parallel, we have recently witnessed an impressive inflow of venture capital and a broader opening of financial markets to energy-related RD&D processes. The venture capital investments in pioneering renewable energy companies in the U.S. and the E.U. indicate the trend of future developments. In order to stimulate private investment in renewable energy related to RD&D, including venture capital, we have to create market mechanisms, such as energy set-asides, stressing energy quality, eco-efficiency, etc., as complementary requirements. At this stage of the project erection and installation the technology risk is fully underwritten by the private sector. ORMAT has accumulated broad experience in a variety of markets in developed and developing countries, in power markets moving toward a competitive marketplace or regulated markets. Generally, there is a need for transparent “market-rules”, which guide the business behavior in the market. In this case the scheme of business development is of less importance (whether a turnkey project or BOT, BOO, BOOT, or others). Last but not least, is the importance of technology and skill transfer. This is mostly important in developing countries. In order to let them feel confident that the development of geothermal energy is carried out in a way which protects their national interests it may be useful to wage some technology transfer to those countries and, more importantly, to prepare a strategy of skill transfer to local personnel (who would provide the maintenance of the power plant after it starts to operate). In the past two decades in various countries of Southeast Asia, Latin America and Africa, ORMAT has contributed to sustainable geothermal, environmentally friendly power generation. In these countries ORMAT has also contributed to the creation of jobs, transferring skills. For example, 100% of ORMAT's employees in the Philippines are Philippine citizens. Several of them were chosen to participate in the construction, start-up and training in ORMAT's new power plants in New Zealand, Guatemala, and Kenya, in the latter case transferring skills from one country to another.PDF Image | Organisations in Different Renewables
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