World Bank Energy Director to Deliver Keynote Address at GEA International Geothermal Energy Finance Forum 2013
As Global Markets Rebound, Finance Opportunities Emerge for Geothermal Projects
Washington, D.C. (March 11, 2013) – The Geothermal Energy Association today announced the keynote speaker for next month's International Geothermal Energy Finance Forum (#GEAFinance2013). Rohit Khanna, program manager of the World Bank's Energy Sector Management Assistance Program, will deliver keynote remarks at the conference, to be held on April 11 at the Marriott Marquis New York. Each year the Finance Forum brings together geothermal, finance, and investment community leaders for a full day of seminars and discussions focusing on finance's role in the growth of the global geothermal industry. This year's event comes on the heels of significant geothermal capacity growth in the United States, as reported in 2013 Annual GEA Industry Update, released in February. The event is made possible by sponsors Chevron, Hydro Resources, and POWER Engineers/Galena Advisors, and will focus not only on American geothermal expansion, but also projects and policies in the world's top markets.
The global geothermal market is on the upswing in 2013, and recent reports show an estimated 18.6 GW of geothermal power currently in development across 70 countries, accounting for $100 billion in investment. Much of this development is being spearheaded by American companies, a number of whom will be represented at the event.
"The Geothermal Energy Association looks forward to bringing together finance and industry leaders together for a constructive conversation on investing in geothermal. The past few years have been very difficult in terms of investment dollars for geothermal, but companies are proving that with a confirmed resource and a PPA, financing is happening," remarked GEA Executive Director Karl Gawell. "In the coming decade, we expect the world market for geothermal to grow exponentially." The GEA estimates that more than 2,000 MW of geothermal power is currently in the U.S. project pipeline, accounting for as much as $100 billion in new investment.
Discussions at the Finance Forum will focus on issues such as geothermal project finance in the United States and abroad, geothermal project risk, and a worldwide geothermal development update. In addition to Khanna, a number of other industry and finance leaders will be presenting from companies including MidAmerican Energy Holdings, EnergySource, Ormat Technologies, US Geothermal, GeothermEx, JP Morgan, Prudential Capital Group, Jacob Securities, Inc., Marathon Capital, Avondale Partners and Ambata Capital.
Geothermal energy has enjoyed significant growth in top markets all over the world, including the United States, Kenya, Indonesia, Turkey, Iceland, Japan, Nicaragua and Germany. As of May 2012, worldwide geothermal capacity was at approximate 11,224 MW of installed power, with the United States, the worldwide capacity leader, contributing 3,386 MW of installed capacity to the overall total.
For a complete schedule or to register for the International Geothermal Energy Finance Forum, please visit http://geo-energy.org/events/International_GE_Finance_Forum_Apr_11_2013.aspx.
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About the Geothermal Energy Association:
The Geothermal Energy Association (GEA) is a trade association comprised of U.S. companies who support the expanded use of geothermal energy and are developing geothermal Resources worldwide for electrical power generation and direct-heat uses. GEA advocates for public policies that will promote the development and utilization of geothermal Resources, provides a forum for the industry to discuss issues and problems, encourages research and development to improve geothermal technologies, presents industry views to governmental organizations, provides assistance for the export of geothermal goods and services, compiles statistical data about the geothermal industry, and conducts education and outreach projects. For more information, please visit http://www.geo-energy.org/. Check out GEA's YouTube Channel. Follow GEA on Twitter. Become a fan on Facebook.