Fundraising for UK Geothermal Plant Nearly Complete
GT Energy has almost reached its fundraising goal for a Manchester geothermal facility to become operational by mid-2015.
Working to complete a project to heat homes efficiently and sustainably, GT Energy is nearing the end of its fundraising for a geothermal venture in the United Kingdom, according to a Bloomberg report written by Louise Downing.
The Irish geothermal developer is looking to reduce carbon dioxide emissions stemming from home heating, which represents about 47 percent of the country's total emissions. The country is planning generate 12 percent of its heat from renewable resources.
After raising about £2.6 million ($4 million), the energy company will partially fund a £17 million ($26 million) facility in Manchester. The company will get payments for its output for 20 years following the completion of the facility under the terms of the Renewable Heat Incentive.
Currently, there are no licensing regulations in place for geothermal ventures, but the British government has indicated there will be no need to set up licensing procedure until the first geothermal plant is completed. Construction for the Manchester plant will begin sometime next year, and it should be operational by mid-2015.