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Geothermal Engineering bids for share of £1.4bn fund

Geothermal Engineering Ltd has bid for a share of the UK £1.4 billion Regional Growth Fund to support the build-out of geothermal plants in Devon and Cornwall, UK.

By Renewable Energy Focus staff

In August 2010 Geothermal Engineering obtained planning permission to build its first geothermal power plant near Redruth, Cornwall, which has a 10 MW electricity capacity and 55 MW thermal energy capacity.

Geothermal Engineering plans to develop up to 30 further plants in Devon and Cornwall. Furthermore, a research centre for geothermal energy is planned with the University of Exeter.

According to the Department of Energy and Climate Change (DECC), Cornwall deep geothermal sources could supply 10% of the National Grid’s baseload electricity demand.

Ryan Law, Managing Director Geothermal Engineering Ltd and Chair of the Renewable Energy Association’s Deep Geothermal Group, says: “The deep geothermal sector represents an enormous opportunity for the economy and as an industry could provide up to 30,000 jobs in the UK. The South West (in particular Devon and Cornwall) has a good deep geothermal resource.”

The Regional Growth Fund aims to stimulate enterprise by providing support for projects that could create long-term private sector led economic growth and employment.

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