Bristol-based specialist energy investment company Thrive Renewables is to invest up to £6.5m in the UK’s first geothermal electricity power plant.
The plant in Cornwall aims to supply around 3MW of electricity to the National Grid and up to 12MW of renewable heat for local use. Thrive’s funding will enable final testing and construction of the plant by Cornish firm Geothermal Engineering. 
So far two wells have been drilled – one of them is the deepest in the UK at 5.1km, almost four times the height of Ben Nevis.
The J-shaped wells are also the hottest in the UK with a temperature of more than 190°C. Radial turbines, powered by the energy from water heated deep in the earth, will generate enough renewable electricity to power approximately 6,500 homes and will be available 24 hours a day.
There are also early-stage plans to use the residual heat energy from the project on the United Downs Industrial Estate in Redruth to provide renewable heat locally.
Thrive Renewables managing director Matthew Clayton said: “It’s the first time that we have been able to generate renewable electricity using natural heat from the earth in the UK. This pioneering project taps a constant natural resource, providing baseload renewable electricity, a crucial component of the UK’s clean energy generation mix.
“The project’s potential to generate and distribute heat will also contribute to the enormous challenge of decarbonising the UK’s heat consumption.”
Geothermal Engineering managing director Dr Ryan Law added: “We are delighted to be partnering with Thrive Renewables for the United Downs project. We are also very excited to be leading a new industry that has the potential to be transformative for this region of the UK.
“Geothermal, and other connected industries have huge potential in creating not only renewable power and heat energy but also inward investment and jobs for Cornwall. We hope that this will be the start of many similar initiatives across the region.”
The power plant could start to generate renewable electricity as early as next year. Geothermal electricity generation technology has proved very successful in Europe and beyond with more than 12,500MW operating globally.
Thrive Renewables was part of Bristol-based ethical bank Triodos until 2016, when it was known as Triodos Renewables. Although fully independent of Triodos, it is based at Triodos’ Bristol city centre HQ and the bank retains a major shareholding.
Thrive offers opportunities for individuals, foundations and funds to invest in clean energy projects that deliver financial, environmental and social rewards.
It has a community of 6,250 investors and its portfolio currently comprises 17 renewable projects. It had assets under management worth more than £117m in 2018 and a portfolio that is reducing 97,000 tCO2e of greenhouse gas emissions.
