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It takes a lot of time and money to build out a geothermal project. Developers can spend millions of dollars and many years just to drill a test well and find a viable resource. Due to the high capital expenditures needed to get a project moving, there are a lot of variables that can impact a project. In this podcast, we'll look at some of the technical, financial and cultural issues that can affect geothermal companies.
Frank Monastero, President of Magma Energy Corp. and the Geothermal Resources Council, tells us about how Magma is expanding around the U.S., South America and to Iceland, despite the still-tight financial markets. That expansion has also brought a lot of challenges for Magma, including some resistance to the company's presence in Iceland.
Alexander Richter, an analyst with Islandsbanki, describes why some Icelanders have raised concerns about a foreign company like Magma owning Icelandic energy assets. He'll also talk about the need for private investment in the country's geothermal sector in order to help Iceland rebuild its tattered economy.
Inside Renewable Energy is a weekly audio news program featuring stories and interviews on all the latest developments in the renewable energy industries.
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