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.