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.
“Providing low-carbon, homegrown power and heat, geothermal projects such as United Downs and the new site at Penhallow have a significant role to play in the UK’s transition to net zero. As geothermal generation doesn’t require favourable weather conditions – such as wind and solar – and can generate electricity 24/7, it can help end our reliance on dirty fossil fuel imports at a time when it is so desperately needed.” – Monika Paplaczyk, Investment Director, Thrive Renewables
“The recent energy price shock has shown how much we need to develop home grown, renewable energy sources, particularly those that provide energy when the sun doesn’t shine or the wind doesn’t blow. The geothermal resource has been overlooked in the UK, as a source of both baseload electricity and renewable heat. As a country we urgently need to be accelerating investment in all renewables to fully support our transition to net zero.
The United Downs project has proved that geothermal energy can produce baseload electricity in the UK and the GEL team are looking forward to expanding Cornwall’s geothermal energy production to help secure stable energy costs, green jobs and to strengthen the Cornish economy.” – Ryan Law, Managing Director, Geothermal Engineering Ltd
