El Salvador geothermal energy project secures $150 million for advancement
El Salvador has secured a $150 million loan from the World Bank to develop its geothermal energy resources, a significant investment that will expand the countryโs renewable energy infrastructure. The funding will advance its ambitious geothermal program and help boost national capacity.
El Salvadorโs History as a Geothermal Pioneer
A pioneer in the field for decades, El Salvador launched its first geothermal plant, Ahuachapรกn, in 1975. The country now boasts two major plants, Ahuachapรกn and Berlรญn, which collectively produce 204 MW of electricityโenough to meet around 26% of national energy needs. This output has enabled El Salvador to reduce its reliance on fossil fuels and significantly cut greenhouse gas emissions.
The $150 million loan is earmarked for the GEOES Renew project, an initiative that will increase the countryโs geothermal power capacity by 36%, or an additional 74 MW. As part of the project, the GEOES I and GEOES II plants will be built in the Chinameca and San Vicente regions, each adding 37 MW and further cementing El Salvadorโs position as a leader in geothermal energy.
El Salvador geothermal energy powers Bitcoin mining operations
Beyond general power generation, El Salvador is using its geothermal resources to support Bitcoin mining. In 2021, the country launched a pilot program that leverages surplus geothermal energy for this purpose. This environmentally friendly initiative is managed by LaGeo, the state-owned company overseeing the countryโs geothermal plants and infrastructure. LaGeoโs role is crucial for developing new projects, and the company is expected to manage the new GEOES I and GEOES II plants alongside its existing facilities.
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Given Bitcoin mining’s high energy consumption, using a renewable source like geothermal energy makes the process more sustainable. This clean power source is ideal for these operations, aligning with the global push for greener energy solutions.
Strengthening El Salvadorโs Commitment to Renewable Energy
This $150 million loan from the World Bank is pivotal for developing El Salvadorโs geothermal resources, which are crucial to its energy security and economic growth. The funding is a key part of the countryโs broader strategy to diversify its energy mix and minimize its carbon footprint.
As a leader in Central American renewables, El Salvador has made geothermal energy a cornerstone of its national strategy. The World Bank-backed GEOES Renew project exemplifies this commitment, poised not only to enhance the countryโs energy capacity but also to fuel economic development with a reliable, sustainable power source.
This $150 million loan from the World Bank marks a major leap forward in El Salvadorโs geothermal development. With initiatives like GEOES Renew, the country is poised to bolster its energy infrastructure, reduce its carbon footprint, and support economic growth. As El Salvador continues to lead in this field, it sets a valuable example for other nations seeking to harness renewable energy for a sustainable future.
