Abundance Investment will host a new crowdfunding campaign by United Downs Geothermal to build Britain’s first commercial geothermal power plant by launching a £5 million bond issue later this week, The Times reports.
This will be a secured construction bond to bring about commercial scale electricity generation using the hot rocks beneath Cornwall, a blog post reads.
What’s Geothermal Electricity?
Geothermal energy has the potential to meet 20% of UK electricity needs, as well as a significant proportion of our annual heating demands, with zero carbon emissions and constant supply, Abundance says. As such, there is a great deal of interest in starting commercial scale production as soon as possible in the UK.
Find out more here.