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Developing geothermal and renewable energy projects by mitigating their risks.

Developing geothermal and renewable energy projects by mitigating their risks.

Objective

Geothermal project development has several risky components, the most important one being the resource risk. This concerns mainly deep geothermal projects, but some shallow geothermal open systems could also be included in this category of projects. Beyond exploration, the bankability of a geothermal project is threatened by this geological risk. The geological risk includes: - The short-term risk of not finding an economically sustainable geothermal resource after drilling; - The long-term risk of the geothermal resource naturally depleting rendering its exploitation economically unprofitable. Until the first borehole has been drilled into the geothermal reservoir, developers cannot be sure about the exact parameters (temperature and flow rate) of the planned geothermal electricity or h&c project. Once drilling has taken place, in situ pump tests, temperature and hydrological measurements then reduce the resource risk and make it possible to attract external capital. Risk insurance Funds for the geological risk already exist in some European countries (France, Germany, Iceland, The Netherlands, Denmark and Switzerland). The geological risk is a common issue all over Europe. With the notable exception of these six countries, project developers have very little capability to manage this financial risk. GEORISK project will work to establish such risk insurance all over Europe and in some key target third countries to cover the exploration phase and the first drilling (test). It means activities to be funded before financial institutions and IPP funding the confirmation drilling and surface systems. It appears clear that a risk mitigation scheme must be designed according to the market maturity of the sector.

Coordinator

EUROPEAN GEOTHERMAL ENERGY COUNCIL

Address

2 Place Du Champ De Mars
1050 Bruxelles

Belgium

Activity type

Higher or Secondary Education Establishments

EU Contribution

€ 281 522,50

Participants (14)

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ASSOCIATION FRANCAISE DES PROFESSIONNELS DE LA GEOTHERMIE

France

EU Contribution

€ 215 000

BUREAU DE RECHERCHES GEOLOGIQUES ET MINIERES

France

EU Contribution

€ 234 816

TURKIYE BILIMSEL VE TEKNOLOJIK ARASTIRMA KURUMU

Turkey

EU Contribution

€ 103 125

JEOTERMAL ELEKTRIK SANTRAL YATIRIMCILARI DERNEGI

Turkey

EU Contribution

€ 84 439,88

GEOTERMIA EXPRESSZ MERNOKI TANACSADO IRODA KORLATOLT FELELOSSEGU TARSASAG

Hungary

EU Contribution

€ 56 250

MINING AND GEOLOGICAL SURVEY OF HUNGARY

Hungary

EU Contribution

€ 84 600

INSTYTUT GOSPODARKI SUROWCAMI MINERALNYMI I ENERGIA PAN

Poland

EU Contribution

€ 131 850

CENTRE FOR RENEWABLE ENERGY SOURCES AND SAVING FONDATION

Greece

EU Contribution

€ 163 125

ANONIMI ETAIRIA DIAXEIRISIS ANANEOSIMON PIGON ENERGEIAS

Greece

EU Contribution

€ 79 600

FEDERAL DEPARTMENT FOR ENVIRONMENT, TRANSPORT, ENERGY AND COMMUNICATIONS

Switzerland

EU Contribution

€ 18 750

GEC-CO GLOBAL ENGINEERING & CONSULTING - COMPANY GMBH

Germany

EU Contribution

€ 254 515

BUNDESVERBAND GEOTHERMIE EV

Germany

EU Contribution

€ 176 250

TURKIYE KALKINMA BANKASI ANONIM SIRKETI

Turkey

EU Contribution

€ 77 875

GEOTHERMIE-SCHWEIZ

Switzerland

EU Contribution

€ 222 400

Project information

Grant agreement ID: 818232

Status

Ongoing project

  • Start date

    1 October 2018

  • End date

    31 March 2021

Funded under:

H2020-EU.3.3.2.

H2020-EU.3.3.7.

H2020-EU.3.3.3.

  • Overall budget:

    € 2 184 118,38

  • EU contribution

    € 2 184 118,38

Coordinated by:

EUROPEAN GEOTHERMAL ENERGY COUNCIL

Belgium