World Bank Approves $150 Million for Geothermal Energy Project in El Salvador.

The World Bank approves a USD 150 million six-year investment program that will support El Salvador to increase its geothermal power generation capacity and leverage geothermal heat for direct use. Part of this investment will be for well drilling and construction of Chinameca’s geothermal power plant. This variable margin loan is funded by the International Bank for Reconstruction and Development (IBRD) and has a 30-year term, including a six-y…

World Bank Approves $150 Million for Geothermal Energy Project in El Salvador.

The World Bank’s Board of Directors has approved a $150 million loan for the Geothermal Energy Project for Sustainable and Inclusive Development in El Salvador. This initiative, set to span six years, aims to enhance the country’s renewable energy generation capacity by focusing on geothermal energy, which is abundant in the region. The funding will enable LAGEO, El Salvador’s state-owned geothermal energy company, to construct a new geothermal …