22 Sep 2022
Investing into the next phase in geothermal electricity production
Thrive has provided initial funding to enable Geothermal Engineering Ltd (GEL) to expand geothermal energy production in Cornwall, with planning permission now secured for a second deep geothermal site located at Penhallow, in the parish of Perranzabuloe. GEL estimates that the site could generate around 5MW of baseload electricity – i.e. 24 hours a day, seven days a week – and 20MW of thermal energy for local heat demand once complete.
The project will also see the site’s biodiversity increase by more than 40%, a £40,000 fund for local community-led, sustainable projects created and over £1m spent on services and contracts in the local area.
Thrive has already provided funding to the UK’s first deep geothermal power plant, which is construction at United Downs, near Redruth.
Similarly to United Downs, the second site at Penhallow will be made up of two deep wells. The first will reach approximately 4,500 metres deep and will bring the naturally heated water to the surface, whilst the second well will be around 3,000 metres deep and will be used to return the cooled fluid back under ground after it has been used to produce electricity and heat. Construction works are expected to start next year, with generation estimated to start in 2026 – delivering circa 42,000 MWh of baseload renewable electricity per year, enough to power around 11,000 UK homes and save 700,000 tonnes of carbon dioxide emissions, according to GEL.
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