24 geothermal power projects chosen to receive funding by JOGMEC in Japan
Japan's Ministry of Economy, Trade and Industry (METI) determined 24 successful applicants for the FY2019 Research Project for Developing Resources for Geothermal Power Generation managed by JOGMEC.
Already announced in December 2019, we just stumbled across this news from Japan. The Ministry of Economy, Trade and Industry (METI) determined 24 successful applicants for the FY2019 Research Project for Developing Resources for Geothermal Power Generation, of which seven are new projects and 17 are ongoing ones from past fiscal years.
This project aims to further introduce geothermal power generation into industries and, to this end, to grant subsidies to land surface, drilling and other research projects to examine the feasibility of businesses for geothermal power generation.
The Japan Oil, Gas and Metals National Corporation (JOGMEC), an operator of the project, examined applicants for the project and METI determined 24 successful applicants based on the examination results. The period of the call for applicants was from February 18 to November 15, 2019. Details of the projects by the successful applicants can be found in the document linked below.
Under the program, JOGMEC provides financial assistance in the form of subsidies, equity capital finance and liability guarantees.
Subsidies for early studies as part of a survey on geothermal potential can be 50-100% of necessary funds. Equity capital finance can be up to 50% of equity during the exploration phase of geothermal development, while JOGMEC is not allowed to be the largest shareholder. Liability guarantees can be given for up to 80% of loans provided by financial institutions.
As of end of 2019, JOGMEC had provided subsidies to 44 projects and subsidies to 26 local projects, One project was supported with a capital investment and 5 with loan guarantees.
The projects are located across Japan.
Documents made available (in Japanese)
- List of the research project (PDF:207KB)
- Summary of the FY2019 Research Project for Developing Resources for Geothermal Power Generation (PDF:654KB)
Source: Meti Japan