Gov't seeking up to $250 M for geothermal risk reduction

The government is securing multi-million dollar funding to bolster its geothermal de-risking strategy aimed at lowering the financial risk exposure for developers.

- BRIX LELIS

"The de-risking facility is about $250 million," Energy Assistant Secretary Mylene Capongcol said on the sidelines of a conference hosted by the National Geothermal Association of the Philippines on Wednesday.

Initiated by the Asian Development Bank, the geothermal resource de-risking facility (GRDF) will cost-share exploration drilling with qualifying private developers to de-risk geothermal resources at the pre-development stage.

Although the GRDF has already been finalized, Capongcol said the Department of Energy (DOE) is still on the lookout for potential implementing partners and fund managers.