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ha of greenhouses are planned to be developed for agricultural production. The heat and electricity demands are planned to be met with renewable energies. 3.1.3 Bilateral support: Geothermal Capacity Building Project (GCBP) Iceland - Nicaragua From 2008-2012 the Icelandic International Developing Agency (ICEIDA) worked with the Nicaraguan Ministry of Energy and Mines (MEM) in enhancing the geothermal resource use in Nicaragua for power production. The project aims were capacity building, evaluating the geothermal potential of geothermal areas, classifying resources and installing a geochemical laboratory. The project had a strong geoscientific training focus with many training courses, practical work in the field and studies at the United Nations University Geothermal Training Program in Iceland. The project budget used was USD 4.3 million. Outcomes include the evaluation of surface studies, evaluation of drilling reports and well testing, prefeasibility studies, EIAs, etc. More on project approaches and outputs is available in the ‘Final Project Document’ of ICEIDA (ICEIDA 2013) 3.1.4 Regional Geothermal Training Programme of the Nordic Development Fund The main project objective is to develop a geothermal training program and facilitate the training activities in El Salvador to serve the Central American region. It is expected that the project activities intensify research and development, result in concrete geothermal projects, and gradually increase the share of geothermal energy in the region. The project period is from 2012-2016 with the partner agency Inter-American Development Bank (IDB) and shared funding streams (NDF: EUR 1.5 million; IDB: EUR 0.6 million; El Salvador: EUR 0.6 million). A close collaboration exists with the United Nations University – Geothermal Training Program (UNU-GTP), their experts and lecturers from Iceland. After three full years of operation the program is expected to cover its costs from tuition fees paid by public and private power companies in Central America and elsewhere in Latin America. 3.2 Financial Cooperation Projects Challenges in geothermal energy projects include (a) the high risks, (b) significant upfront costs for drilling operations and (c) the belated delivery of tangible information on the resource outputs only after the drill completion tests were conducted. Many governments therefore initially prefer other energy resources which at first appear cheaper and more reliable to install. In the 1990s many power generation facilities were financed by public offers, including concessionary loans from development finance institutions. These publicly financed generation assets were considered one of the core element in state-owned power systems. Due to the diminishing availability of public funds the participation of the private sector were encouraged and Independent Power Projects (IPP) introduced. Depending on the availability of funds of a country, financial schemes with different levels of grants, loans or equity finance are possible. With private sector and other sponsors being involved decisions must be taken which management system is most appropriate (BOOT=Build–Own–Operate–Transfer, BOT=Build–Operate–Transfer, BOO=Build–Own–Operate, BLT= Build– Lease–Transfer, other schemes). Similar to other energy projects the financial project set-up, obligations and agreements can be quite complex between the project management, lender(s), borrower(s) or sponsor(s) providing equity and third parties like the building contractor or input suppliers. Depending on the degree of private sector involvement banks offer different financing schemes. The IFC and DEG for example concentrate on the private sector whereas development banks like the World Bank and KfW Entwicklungsbank also provide grant funding to countries under certain conditions. 3.2.1 Geothermal Risk Mitigation Schemes by the KfW Based on the example set by the Geothermal Risk Mitigation Facility (GRMF) in East Africa (see Figure 7), the KfW (German development bank) prepares the launching of a Geothermal Development Facility (GDF) in Latin America. The GRMF is financed by the KfW of the German Federal Ministry for Economic Cooperation and Development with 20 million Euro and the EU-Infrastructure Trust Fund with 30 million Euro. It provides grants for surface studies and exploration drillings, a continuation premium and provides financing for a data collection of regional information. Both public and private investors as well as public private partnerships (PPP) can apply for funding. In the first application round in 2012/2013 out of seven applications five projects were invited to sign grant agreements for further project development and drilling operations. Three agreements were signed already (Geothermal Risk Mitigation Fund 2014). Several donors already put down pledges for the GDF in Latin America (CAF, BCIE, EU, IDB). Similar to the GRMF in East Africa the GDF in Latin America is planned to become a grant-based risk mitigation fund to facilitate early stage project exploration and development (Wirth 2013). CAF intends managing the fund for projects in Bolivia, Chile, Colombia, Ecuador and Peru. At present, the fund management structure, funding schemes and the evaluation criteria for applications and granting of financing are prepared by the KfW and consultants. 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