Funding will be used to help develop the UK’s first commercial‐scale geothermal power plant
LONDON, UK [WorldofRenewables.com]
Geothermal Engineering Ltd is pleased to announce that it has been awarded £1.475 million in funding by the Department of Energy and Climate Change (DECC), from the first tranche of the Deep Geothermal Challenge Fund of £6 million, launched on 22 October 2009. The final power plant will cost a total of approximately £40 million to build.
This month’s Copenhagen climate change summit highlights the pressing need worldwide for increased progress and investment in rnewable energy. Britain currently has one of the lowest proportions of renewable energy in the EU and in investment terms is significantly beind Europe’s leaders. Germany, for example, is one of the largest geothermal markets in Europe with approximately 150 geothermal power plant projects in the pipeline reprsenting an investment of 4 billion Euros.
Ryan Law, Managing Director, Geothermal Engineering Ltd says, “We are delighted to receive this initial funding which, subject to planning, we will use to start the drilling process in 2010. DECC’s investment is certainly a step in the right direction but the UK must be more ambitious in funding renewable energy proects”.
The Geothermal Engineering Ltd power plant planned for Cornwall will produce 10MW of electricity, to be fed into the National Grid and 55MW of renewable heat. Geothermal Engineering Ltd will work with the local Council on delivering some of this heat to the local community. It is hoped that the plant will help bring long‐term investment to a region that is starting to lead the way in low carbon technology.
About Geothermal Engineering Ltd: Geothermal Engineering Ltd is a privately‐owned British company specialising in proving and developing geothermal resources. The company works with a wide range of specialists including geologists, reservoir modellers, power plant construction engineers and district heating designers. Geothermal Engineering Ltd was founded in 2008 by MD Ryan Law and the head office is in London, UK. The company has global reach via its relationship with the engineering consultancy firm Arup and is currently involved in thedevelopment of the UK’s first geothermal power plant.
For more information, please visit www.geothermalengineering.co.uk.
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