Stellae launches geothermal venture and funding round for Western Tropical Pacific
Western Pacific region (source: Stellae Energy)
Carlo Cariaga
18 Oct 2024
UK-based Stellae Energy has launched a geothermal venture and funding round for geothermal development in the Western Tropical Pacific region.
Stellae Energy, a UK-based green energy solutions and assets company, has announced the launch of a geothermal energy venture in the Western Tropical Pacific, along with a funding round to support the expansion of these geothermal projects and facilitate the next stages of development. The company is also onboarding senior advisors and engaging potential board members with deep expertise in the geothermal energy sector, project finance, and international development to strengthen their leadership team and ensure the success of these initiatives.
Countries in the Western Tropical Pacific region have some of the highest electricity costs in the world right now due to the use of expensive, imported diesel power generation that has limited electrification and economic development. The goal of Stellae Energy is to to develop economically sustainable geothermal power projects in this region by harnessing abundant volcanic island arc energy resources in collaboration with regional governments through Public-Private Partnerships (PPPs).
Stellae Energy has previously announced the signing of detailed MOU’s with the governments of Vanuatu, Solomon Islands, and the Autonomous Region of Bougainville and discussions are ongoing with other regional governments.
The company has been actively working together with the various government ministries and departments of these countries to gather technical and commercial information necessary for comprehensive Pre-Feasibility Reports. These reports have detailed the good potential of geothermal resources and outlined the roadmap for project development in each country.
“We are excited about the opportunity to partner with governments in this region to unlock their geothermal potential,” said David Hartell, CEO of Stellae Energy. “These projects will not only provide a reliable and sustainable energy source but also support the economic development and energy independence of their countries.”
The goals of these geothermal energy initiatives include: (1) providing a reliable and sustainable energy resource for each country; (2) enhancing energy security and reducing dependency on imported fossil fuels; (3) supporting economic development and creating job opportunities within local communities; and (4) contributing to global climate change mitigation efforts by reducing greenhouse gas emissions.
Stellae Energy remains committed to working closely with regional governments, local communities, and landowners to ensure the responsible development of geothermal resources, with a focus on environmental stewardship and respect for local cultures.
Source: Email correspondence
