Share

CLIMATE ACTION PROGRAMME


17 July 2017

UK’s 1st geothermal project to raise £5m in funds

The UK’s first commercial geothermal power station- which would be based in the coastal town of Cornwall- is expected to go live as early as 2020, if £5m fundraising initiative succeeds.

Due to the abundance of granite, the Cornish town is the ideal location for the geothermal technology- it is expected that the drilling will begin in early 2018.

Innovation in the renewable technology sector is steadily increasing- this news follows last week’s announcement that the world’s first combined hydroelectric and solar power plant is now operating in Portugal.

Geothermal, unlike wind and solar, can provide a constant flow of power, making this project, the first of its kind in the UK, hugely significant.

According to a study posted in the Guardian, the projected geothermal technology could provide a fifth of the countries power.

The geothermal wells will have a capacity of 1-3 megawatts, the equivalent of enough energy to power 1,500 to 4,500 homes- if the project is successful it could see further geothermal projects take place across the Cornish county.

The fundraising initiative, a £5m bond, will be launched this week by crowdfunding platform Abundance.

Whilst the bond has an 18-month term and a 12% return rate, investors can expect their funds returned to them if the geothermal project falls through.

To recive the latest Climate Action news updates, please subscribe to our newsletter here

Related Articles

blog comments powered by Disqus

NEWSLETTER

TWITTER