UK’s first geothermal electricity power station to launch investment bond through Ashden Award winner Abundance

Geothermal power to take off in the UK?

Ann Noon

Winner of the 2014 Impax Ashden Award for Energy Innovation, Abundance – the UK’s leading ethical peer-to-peer finance platform – is launching an opportunity to invest* directly in the creation of the first commercial geothermal electricity power station in the UK.

A 2012 study by SKM estimated that geothermal energy – which captures the heat held in rocks far beneath the  earth’s surface – has the potential to meet up to 20% of UK electricity needs, with zero carbon emissions and providing a constant supply.   

Abundance’s United Downs Geothermal bond is seeking to raise up to £5 million to assist with the construction of the plant near Redruth in Cornwall. The project has recently been awarded a £10.6 million grant from the European Regional Development Fund and £2.4 million of public funding from Cornwall County Council.

According to Bruce Davis, Abundance’s co-founder and Managing Director: “Geothermal technology is proven to work in Italy and Iceland but hasn’t so far been used in the UK to generate electricity. This is a ground breaking project, which is backed by EU grants and the Local Authority, and offers a chance for ordinary people to take a stake in something with the potential to deliver significant carbon reductions in the future.”

The geothermal plant will have a target capacity of 3 MW of constant power, enough to supply 5,500 typical homes each year, from 2 deep wells with an average diameter of approximately 20 cm, and with a generation plant the size of an average house.

For more information, please visit: 

https://www.abundanceinvestmen..

*Capital at risk

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