Cornwall’s economy is to get a shot in the arm with the announcement that Geothermal Engineering Ltd has been successful in its bid for support from the Regional Growth Fund (RGF).
The company plans to create the UK’s first deep geothermal power plant at United Downs and a Centre of Research Excellence for Geothermal Energy with the University of Exeter at its Tremough Campus. This will kick start the development of the deep geothermal industry across the country and could potentially lead to the creation of 1,064 jobs in Geothermal Engineering Ltd alone over the next 20 years, alongside approximately 9,000 jobs in the manufacturing, engineering and construction industries across Cornwall.
The RGF is a Government programme designed to stimulate enterprise by providing financial support to certain projects and encourage private companies to also invest. By the public and private sectors working together in partnership, these projects will help to create economic growth.
It is hoped that the £6.05million of RGF funding secured by Geothermal Engineering Ltd will leverage approximately £42million of private investment, together with £1.48million from the Department of Energy and Climate Change.
Upon hearing the announcement, Truro and Falmouth MP Sarah Newton said: “I am delighted that Geothermal Engineering Ltd has been successful in winning this money. Their painstaking work over a number of years has come to fruition. Cornwall Council and the LEP have helped too. I am very pleased to have supported this project and I will continue to do all that I can to support the growth and development of this industry.
Sarah continued: “The first experiments into deep geothermal energy were undertaken in Cornwall, so it is great to see this investment utilising our mining expertise. Investment in sustainable new energy is the right thing to do now. Not only is this a boost to the local economy but to the UK energy security. It has been estimated that up to 15% of UK energy could be produced from deep geothermal.”