In November 2010, OeEB together with other development institutions and lead financier IFC provided USD 15.1 million to support the construction of phase 2 of Nicaragua's largest greenfield geothermal power project in San Jacinto - an initiative that will promote the development of renewable energy, expand electrification, and help reduce the country's dependence on imported oil.
|Project name||San Jacinto geothermal plant|
|Region||Central America and the Caribbean|
|Sector||Energy / Resource efficiency / Infrastructure|
|OeEB project volume||USD 15.1 million|
|Total investment volume||USD 140 million|
|Projekt partner(s)||IFC, BIO, DEG, Proparco, FMO, CABEI, CIFI, IDB, Opec Fund|
The San Jacinto plant will provide a high percentage of Nicaragua's power needs and help the government further its strategy of developing domestic renewable energy sources.
Currently, Nicaragua's power is generated mostly from fossil fuels, which are expensive and pollute the environment. The new plant in northwestern Nicaragua will lower the country's dependence on imported oil, cut high energy costs and promote further electrification. Geothermal energy is one of the few renewable energy technologies that can supply continuous and reliable base load power at a competitive cost. As such, geothermal power has the potential to play a significant role in moving many regions around the world towards cleaner, more sustainable energy.