The United Downs Deep Geothermal Power project near Redruth in Cornwall might become the country’s first commercial geothermal power plant. For that ambitious goal, the project is now open for investment on crowdfunding site Abundance, and the target is £5 million to kickstart construction.
The bond offer will support the 3MW project that will enerate enough electricity to power 5,500 homes every year when finished. Already it has received more than £10m in funding from the European Regional Development Fund and £2.4m from Cornwall County Council.
“The geothermal resource beneath our feet is extensive, and, if properly managed, inexhaustible,” Ryan Law, general manager at Geothermal Engineering which is developing the project, said in a statement.businessGreen
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