£6 Million Grant For Geothermal Energy Project in Cornwall

November 1, 2011

Geothermal Engineering Ltd, the British company developing the UK’s first commercial-scale geothermal power plant in Cornwall, today announces that its bid for a share in the £1.4 billion Regional Growth Fund has been successful.

Geothermal Engineering Ltd has been awarded £6 million towards the cost of a geothermal plant in Cornwall. The plant will produce 10MW of electricity, to be fed into the National Grid; and 50MW of renewable heat energy, which will be made available for local use. 10MW of electricity is enough to power 20,000 homes, while 50MW of renewable heat is equivalent to the heat needed to supply 20 schools for a year.

Geothermal Engineering Ltd already has planning permission to build the plant, which is located at the United Downs, near Redruth in Cornwall. A pioneering research centre into geothermal energy is also planned in conjunction with the University of Exeter Sustainability Institute.

The development of the UK’s deep geothermal industry will mean job creation, not only in the geothermal sector but in related sectors such as engineering, manufacturing and construction.

Ryan Law, Managing Director of Geothermal Engineering Ltd, and Chair of the Renewable Energy Association’s Deep Geothermal Group said: “We are pleased that the government has recognised the potential of the deep geothermal industry in the South West of the UK. The grant will be used to leverage significant levels of private funding into the United Downs deep geothermal project. The geothermal industry was disappointed at the outcome of the Renewable Obligation Certificate Review published at the end of October. However, this grant will help the industry move forward.”

“Once the first plant is operational, we will roll out further projects across Devon and Cornwall which could produce up to a total of 300MW of electricity. The South West has a great geothermal resource and developing this resource will mean more jobs, more British engineering expertise, and more clean energy for the country.”

Geothermal Engineering Ltd aims to begin drilling the first well onsite in late 2012.

~ENDS~

Notes to editors:

  • The plant is being built on a plot on the United Downs industrial estate, which is approximately four miles outside Redruth, Cornwall. The project was granted planning permission in August 2010.
  • The University of Exeter Sustainability Institute (ESI), specialises in engineering, mathematics and physical sciences. ESI is based in Tremough, Cornwall.
  • The total cost of the United Downs project is approximately £50 million.

About Geothermal Engineering Ltd: Geothermal Engineering Ltd is a privately-owned British company specialising in the proving and development of deep 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 was founded in 2008 by MD Ryan Law and the head office is in London, with an additional office at the United Downs, Cornwall. Geothermal Engineering has global reach via its relationship with the engineering consultancy firm Arup. Geothermal Engineering is currently involved in the development of the UK’s first commercial geothermal power plant.

Geothermal Engineering Ltd is a privately-owned British company specialising in the proving and development of deep 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 was founded in 2008 by MD Ryan Law and the head office is in London, with an additional office at the United Downs, Cornwall. Geothermal Engineering has global reach via its relationship with the engineering consultancy firm Arup. Geothermal Engineering is currently involved in the development of the UK’s first commercial geothermal power plant.

For more information, please visit www.geothermalengineering.co.uk or follow @GELtd.

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Helen Fitzhugh at kwittken + company on behalf of GEL

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