Project Overview

MGF has advised governments and development partners such as the U.S. Department of State, World Bank, and Power Africa on the commercialization of geothermal energy in emerging markets and developing economies. Our work has focused on moving geothermal energy opportunities toward investment by assessing project readiness, designing financing and risk mitigation structures, strengthening commercial and regulatory frameworks, and supporting governments through project structuring and negotiating transactions.

Our Work

Examples of our geothermal energy commercialization work include:

• Eastern Caribbean. Developed commercial, regulatory, and financing strategies for geothermal heat and energy across Saint Kitts and Nevis, Saint Lucia, Grenada, Dominica, and the broader Eastern Caribbean. Assessed investment readiness and barriers to private finance, designed financing and risk mitigation structures, and advised Dominica and Nevis on PPA negotiations for projects representing 50% and 90% of total energy supply, respectively.
• East Africa. Advised governments, utilities, and private developers on geothermal energy commercialization across East Africa, including through the EAGER project and Power Africa. Authored the Multi-Donor Strategy for Geothermal Development in East Africa, which served as the guiding framework for Power Africa and other development partners to coordinate geothermal exploration, development, and investment across six countries (Djibouti, Ethiopia, Kenya, Rwanda, Tanzania, and Uganda). Supported project structuring and PPA negotiations, strengthened regulatory and contractual frameworks, and designed financing and risk mitigation mechanisms to improve project bankability and attract private investment. Also advised on geothermal development business models, supported access to Geothermal Risk Mitigation Facility (GRMF) funding, and developed an equity fund for productive-use geothermal energy.
• Pannonian Basin. Assessed regulatory, policy, and economic conditions for geothermal development across six countries and developed commercialization recommendations. Advised Croatia on a geothermal tender process that led to the award of six concessions.
• Trinidad and Tobago. Developed a financing strategy to support increased geothermal energy penetration nationwide.