Aug 7 2010
The Inter-American Development Bank (IDB) has sanctioned a loan of $40 million to support the finance requirement for the second phase development of the San Jacinto-Tizate geothermal power project built by Polaris Energy Nicaragua S.A. (PENSA), scheduled to complete during the year 2011 is estimated to cost around $177 million located in Nicaragua S.A.
Geothermal Project
San Jacinto-Tizate, the second geothermal plant in Nicaragua, is assessed to possess top-level geothermal properties among all the geothermal projects that are under construction all over the world. It will also help the country to demonstrate the feasibility of utilizing the renewable energy sources productively, thus inviting more participation from private sector in geothermal power generation projects. The completion of this project will allow Nicaragua to produce a total of 72 MW geothermal electricity. This will enable Nicaragua to achieve 7% power generation through renewable energy sources thus affording low-cost electric power supply from renewable energy source.
This geothermal project sustains the efforts of Nicaragua to change the energy environment of the country by increasing the input from geothermal power production to 15%, and the country is planning to achieve a total of 86% power generation from renewable energy sources by the year 2014.
Source: http://www.iadb.org/