Volume 1, Number 1
March 31, 2000
Welcome to the inaugural issue of Green Green, the financing electronic newsletter (e-newsletter) for the U.S. geothermal industry. The innovative bimonthly e-newsletter will provide a direct connection between the geothermal industry and financing sources. Each issue will feature the latest news of interest to the industry, including:
Green Green will also seek to identify and respond to geothermal project developers' specific financing needs and challenges. We welcome your comments and suggestions in Talk Back.
Green Green was created by Bob Lawrence & Associates, Inc. with support from the Idaho National Engineering & Environmental Laboratory (INEEL) and the U.S. Department of Energy Office of Geothermal and Wind Technologies.
The 2nd edition of the Geothermal Financing Workbook is now available from INEEL.
In addition to sections on Project Financing, Basic Financial Analysis, and How to Work with the MDBs, the 2nd edition of the Workbook includes detailed financing data on 30 financing sources including funds available, investment made to date in geothermal projects, types and forms of financing, financing structure, application procedure, key contacts, and web sites.
To obtain a copy of the Workbook, contact Joel Renner at INEEL.
The U.S. Department of Commerce (DOC), led by Alan Bowser, Deputy Assistant Secretary for Basic Industries, with support from Roger Ballentine, Deputy Assistant to the President on Environmental Affairs and other members of the White House staff, kicked off the International Clean Energy Trade Initiative at a White House meeting on March 28, 2000.
The Clean Energy Trade Initiative will promote the the United States as the premier source of clean energy, clean energy technology, equipment, and services -- including renewable energy -- in the world.
DOC's aggressive trade promotion program supports the Administration's goal of doubling U.S. clean energy exports to $10 billion and creating at least 100,000 new jobs for U.S. workers by 2005.
The program will initially focus on five key clean energy markets: China, India, Indonesia, Mexico, and Brazil. Trade missions scheduled for 2000 include:
Each trade mission will be comprised of 25 small, medium, and large clean energy U.S. companies. The participation fee, which does not include airfare, hotels, and meals, is $3000-$3500 per trade mission.
Working with partner organizations including the U.S. Agency for International Development (USAID), the U.S. Department of Energy (DOE), and the U.S. Trade Development Agency (TDA), DOC will seek ways to enable smaller companies to participate in the trade missions.
For additional information, contact the Office of the Deputy Assistant Secretary for Basic Industries, Energy Division, the U.S. Department of Commerce at Tel: (202) 482-4931, Fax: (202) 482-0170, or see their Web site.
The Renewable Energy and Energy Efficiency Fund (REEF), a commercial US$100 million equity investment fund created by the International Finance Corporation (IFC) to support renewable energy and energy efficiency projects, is now open for business.
The REEF is supported by a US$100 million IFC-lead loan facility, and a US$30 million concessionary funding facility from the Global Environment Facility, and has a three-tier structure:
The REEF will invest primarily in commercial scale energy generation and efficiency projects, in which it will typically take a significant minority interest. Its primary focus is project finance, equipment finance, and credit lines but it will also consider venture investing and development financing. The privately managed REEF is a closed end investment fund with a 10-year life and a target Internal Rate of Return (IRR) of 20+%.
The maximum total project size is $100 million. Thanks to the support of the GEF grant funds, the REEF will also consider investments in smaller scale projects and enterprises which show strong indications of commercial viability. Enterprises with total capital costs as small as $1 million are eligible for investment consideration by the REEF.
The Fund is led by an IFC-selected management team:
The REEF's founding investors include IFC, Nuon, Alliant, DEG, Finnfund, VMH, and John Hancock.
The following projects are in various stages of development.
Sources: United Nations Development Business; the Infrastructure Division; the International Trade Administration, U.S. Department of Commerce Global Infrastructure Projects Database; others as noted.
Other geothermal and related calendars:
We'd like to know what you think of this initial issue of Green Green; specifically, how can we make future issues more useful and relevant to you?
Please take a few minutes to complete the short survey below.
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Green Green is produced for the Idaho National Engineering & Environmental Laboratory (INEEL) under Purchase Order No. K99-181018 and the U.S. Department of Energy, Assistant Secretary for Energy Efficiency and Renewable Energy, Office of Geothermal and Wind Technologies.
This information was prepared as an account of work sponsored by an agency of the U.S. Government. Neither the U.S. Government nor any agency thereof, nor any of their employees, makes any warranty, express or implied, or assumes any legal liability or responsibility for the accuracy, completeness, or usefulness of any information, apparatus, product, or process disclosed, or represents that its use would not infringe privately owned rights. Reference herein to any specific commercial product, process, or service by trade name, trademark, manufacturer, or otherwise, does not necessarily constitute or imply its endorsement, recommendation, or favoring by the U.S. Government or any agency thereof. The views and opinions of authors expressed herein do not necessarily state or reflect those of the U.S. Government or any agency thereof.
Copyright © 2000 Bob Lawrence & Associates, Inc.
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Alexandria, Virginia 22314