- Press Releases
July 27 (Renewables Now) - A campaign is underway on crowdfunding platform Abundance to raise funds for a geothermal power project in Cornwall that is said to be the first of its kind in the UK.
The GBP-18-million (USD 23.5m/EUR 20.2m) United Downs Deep Geothermal Power project is led by Geothermal Engineering Ltd. It has secured GBP 10.6 million of funding from the England European Regional Development Fund (ERDF) and a GBP-2.4-million loan from Cornwall Council. The remaining GBP 5 million will come from the private sector.
An 18-month secured construction bond has been launched on Abundance with a minimum investment target of GBP 3.8 million. The platform's website shows GBP 2.5 million have been raised so far. Over the 18-month period a production well and an injection well will be drilled and tested before construction starts on the power plant above ground, Abundance says.
The project is located at United Mines, near Redruth in Cornwall. According to Cornwall Council, a study has shown that high temperatures deep underground in Cornwall's granite could meet all of Cornwall's power demand and 20% of the UK's needs.
(GBP 1 = USD 1.307/EUR 1.120)