The Inter-American Development Bank today announced the approval of a $1.5 million grant for prefeasibility studies for geothermal electricity development in Colombia.
The Japanese Trust Fund for Consultancy is providing financing for the project, and Japanese technical expertise is also expected to assist the program.
The prefeasibility studies will determine the technical and economic advisability of preparing further studies on geothermal power development in strict observance of environmental and social considerations.
Colombia authorities* have assigned the highest priority for geothermal power development to the area of the Azufral de Tuquerres volcano in the southern portion of the Department of Nariño, near the border with Ecuador.
The country’s power generation needs are expected to grow rapidly in the coming years. Geothermal energy is one of the most environmentally clean forms of power generation and it replaces the need of fossil fuel.
The project will be carried out by the Instituto de Investigación e Información Geocientífica Minero-Ambiental y Nuclear.*