Canadian Firm to Heat Up Argentina's Geothermal Landscape
Argentina, which has been increasingly exploiting its wind assets and solar power potential, is now turning its attention to geothermal.
After almost 40 years of exploration efforts by local scientists and research, Toronto-Based Geothermal One has been awarded a contract worth about US$100 million to build the Copahue Project, a 30-megawatt power plant in Argentina's Neuquén Province, part of the Andean Volcanic Belt.
The project will allow the Canadian company to capture enough steam to generate 25% of the region's electricity, according to the Argentine government. Geothermal One will also build the power line to connect the facility to the regional grid.
Worldwide, investment in geothermal energy in growing 24% annually, and Argentina, for its part, hopes that developing the renewable energy source will help ease the pain of its current energy woes. Rising domestic demand is worsening an acute gas shortage that began in 2004 when the economy started growing at a fast clip and energy investment declined.
As Argentina copes with its coldest winter in a decade, a lack of power supplies during the peak season in the South American country has officials scrambling to find more energy sources before shortages put a damper on its fast-growing economy. The crisis has caused a 1.8% drop in industrial output between June and July.
Image credit: Diegosarious Rex via Flickr
Learn more about Geothermal Power on eBoom's Geothermal Energy Learning Page.
Shannon Roxborough is a career freelance writer, editor and international consultant who has authored hundreds of articles for a variety of media. He's covered business, companies and investments spanning all sectors, including green energy and cleantech.
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