Funding of $19m for geothermal projects bid out in UK
Geothermal project site in Cornwall, UK
Alexander Richter
11 Feb 2016
Funding of about $18 million for geothermal projects is being made available and open for bids as part of a UK regional development programme.
Reported from the UK, total funding of GBP 13 million ($18.8 million) has been announced and are open for bids by geothermal projects in Cornwall and the Isles of Scilly in the UK.
The funding ins being made available through a European-funded Cornwall and Isle of Scilly Growth Programme which will run until 2020.
Deep geothermal has been identified as a priority investment and up to GBP 10.6m of European Regional Development Fund (ERDF) from the Growth Programme has been allocated for projects. In addition Cornwall Council is providing up to GBP 2.4m of local match funding, recognising the deep geothermal resource as an economic opportunity with social and environmental benefits. Providing investment to unlock the industry to exploit the resource can help to meet many strategic priorities set out in the Council’s strategy and business plan.
The geothermal resource in Cornwall represents a significant opportunity for renewable heat and power generation. In the 1970’s and 80’s the world renowned ‘Hot dry rocks project’ at Rosemanowes Quarry in Penryn, led by Camborne School of Mines, confirmed the high temperatures, which are found deep underground in Cornwall’s granite. A recent study suggests this resource could meet all of Cornwall’s demand for electricity and 20% of the UK’s demand. Cornwall could lead the way in this new energy sector.
Developer seeking funding can apply for a minimum value of GBP 500,000 ($720,000) for each project. It is believed that there is a significant opportunity for geothermal heating and power generation.
Councillor Julian German, member of the Integrated Territorial Investment (ITI) Board which is responsible for overseeing the Cornwall & Isles of Scilly Growth Programme, said: ‘I am very excited by the call to support deep geothermal projects. If accessed and exploited appropriately, this estimated level of resource could provide Cornwall with significant economic and social benefits. The role of the ITI Board is to ensure the most appropriate responses to the deep geothermal call receive our recommendation to the Managing Authority.’
The deadline for applications is 10th June.
Full detail about this funding opportunity and the application process can be found at www.gov.uk/european-structural-investment-funds/low-carbon-call-in-cornwall-and-isles-of-scilly-oc05r16p-0285
Source: Energy Live News, ERDF convergence
