South Hungarian EGS demo project securing up to $51 million EU funding
The EU Commission has awarded up to $51 million in co-funding for EGS demonstration project at Ferencszállás, near Szeged and Makó, in South Eastern Hungary.
Reported earlier this morning, South Hungarian EGS demonstration project has secured up to EUR 39 million ($51 million) in co-funding by the EU Commission.
The project needs to enter operation by December 31, 2015 and provides a funding rate (adjusted) of EUR 141.5 per MWh ($186/ MWh).
In a quick statement, Philippe Dumas, the Executive Director of the European Geothermal Energy Council (EGEC) said: “EGEC is very glad that NER300 fund awards EUR 39 million to the Geothermal South Hungarian Enhanced Geothermal System (EGS) Demonstration Project. We have lobbied intensively for the creation of this financial tool.
This Hungarian project, lead by a strong consortium, confirms the European leadership on EGS by a new upscaling to Net capacity of the plant is 8.9 MWe.”
Details on the NER program can be found in this Q&A on the outcome of the first call for proposals
“The scope of the Project is the design, construction and operation of a geothermal power plant, near the village of Ferencszállás, located between the towns of Szeged and Makó, in South Eastern Hungary. The surface part of the Project comprises the design, construction and operation of a power plant using geothermal energy from hot dry rock in a compressional stress field. The geothermal resource is produced with an Enhanced Geothermal System (EGS). Its implementation includes the drilling of four 4 km deep production wells and two re-injection wells, and the hydraulic fracturation of the reservoir under the compressional stress fields. The gross capacity of the organic Rankine cycle (ORC) binary power plant is 11.8 MWe with net capacity of 8.9 MWe sold to the electrical grid.”