IDB to lend USD 34m to Mexico for geothermal energy development - report
Oct 30, 2013 - The Inter-American Development Bank (IDB) will provide a USD 34.4 million (EUR 25m) financing for geothermal energy development in Mexico, news agency Xinhua quoted energy minister Pedro Joaquin Coldwell as saying.
The Mexican government will provide additional MXN 150 million (USD 11.6m/EUR 8.5m) via its energy transition fund to support the project, Coldwell said during the International Geothermal Energy Forum.
Mexico's environmental regulator Semarnat and energy secretary Sener are working on the regulation for geothermal energy exploitation and president Enrique Pena Nieto is expected to make a law proposal in the short term, he added.
Mexico ranks fourth in terms of installed geothermal capacity worldwide, with 850 MW, enough to meet the electricity demand of six million citizens, the deputy director of Mexican federal energy commission CFE, Jose Luis Aburto, said.