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.
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*Capital at risk