Eden Geothermal pushing ahead on its geothermal project in Cornwall, UK
Construction work is continuing for Eden Geothermal project in Cornwall, UK in preparation for planned drilling start in the spring of 2021.
As reported locally, Eden Geothermal is moving into the developoment phase of its geothermal project. Construction work is underway for the access road, the drill pad and site offices.
The developer is expecting to begin its drilling campaign in the early spring of 2021. It is estimated that drilling will take around five months with a target depth of 4,500m and an expected temperature of about 200 centigrades.
Funding for the first well has come from the European Regional Development Fund, Cornwall Council and institutional funding. The estimated cost was GBP 16.8 million but is now expected to be GBP 17.3 million (around USD 23 million) due to cost increases due to the current pandemic.
The institutional investor in the project is GCP Infrastructure Investments Limited, advised by Gravis Capital Management Ltd. Nick Parker, a founder director of Gravis, said: “Gravis is delighted to have reached this milestone in what is a hugely exciting project. We look forward to working with the team over the coming years to ensure its successful delivery.”
The project has secured a powerful drilling rig, with a capacity of 450 tonnes and the company has finalised contracts with a host of leading service and equipment providers for well casing, mud slip materials, seismic monitoring and others.
In the initial phase the first well will supply heat to a district heating system for the Eden Project’s Biomes, offices and greenhouses. In the second phase another well will be drilled and feed a planned electricity plant.
Eden Geothermal has also released additional tenders for:
- Drilling rig audit and inspection services
- Tubular Inspection Services
- Drilling Fluids (Muds) Services ITT
- Tubular Running (Casing) Services
Source: Business Cornwall