«GEOFAR: Innovative Solutions for Geothermal Energy Financing», A IENE Conference in Thessaloniki, 24-25/02/2011

Thursday, March 17, 2011 - Friday, March 18, 2011

The “GEOFAR: Innovative Solutions for Geothermal Energy Financing” conference, which is being organized by the Institute of Energy for SE Europe (IENE) will take place in Athens, Greece (17-18 March, 2011), within the framework of the “Intelligent Energy Europe” (IEE) Programme and as part of the GEOFAR project. The complete programme, as well as the registration form, is available on www.iene.gr through the respective banner.

The conference will focus on the latest developments in geothermal energy, along with innovative ideas on funding geothermal projects in Europe. The geothermal potential of Southern, Central and Western Europe will be thoroughly analysed as well as the role of geothermal energy in the context of EU’s overall RES policy.

The speakers of this GEOFAR conference will include experts and academics of the geothermal energy sector, researchers from energy institutes, representatives of European enterprises active in the geothermal sector, as well as executives of significant European banks.

The EU-funded project GEOFAR – Geothermal Finance and Awareness in European Regions, which deals with the application and promotion of geothermal energy in Europe, is being carried out within the framework of EU’s “Intelligent Energy Europe” (IEE) programme, which is part of the Competitiveness and Innovation Framework Programme.

One of the main goals of GEOFAR is to propose workable solutions and to raise awareness on geothermal energy among decision makers, especially at regional level, in order to help boost new investments.

The GEOFAR consortium comprises of eight (8) European institutes and companies from five different European Union countries. The eight partners include: the Institute of Geology and Mineral Exploration (Greece), Instituto Geologico y Minero de Espana (Spain), Institute of Energy for South East Europe (Greece), Arena(Portugal), Rödl & Partner (Germany), Energo Group (Greece), BRGM (France)and Erlangen AG (Project Coordinator, Germany).

The GEOFAR consortium believes that the European Union must encourage al different types of geothermal applications and the relative investments. Unfortunately, such investments in both pilot and full-scale projects experience high level of shrinkage and big delays in their implementation phase. This is mainly due to lack of information among decision makers and investors, but also because of inappropriate funding schemes and bureaucratic red tape at both natural level. GEOFAR has therefore developed an innovative approach to geothermal project financing known as GeoRiMi, or Geothermal Risk Mitigation Scheme, that provides subsidies and guarantees for the exploration and drilling phase of deep geothermal projects.

The scope of the Athens conference, apart from a general update on geothermal projects in Europe, is to discuss with experts from the geothermal financing sector and potential users from all different application areas the use of financial instruments, including GeoRiMi, which can provide viable solutions for investors as well as for financial intermediaries. According to GEOFAR experts GeoRiMi’s main advantage is its role in reducing financial barriers which hinder the initial stages of geothermal energy projects.

IENE aims, through this conference, to promote awareness on geothermal energy and encourage applications among a large variety of social, political and economic groups.

The conference will showcase several core studies, pilot projects and a round up on geothermal activity across Europe. Upon conclusion of the conference its findings will be presented to the appropriate authorities in several EU countries. The conference’s official languages will be Greek and English. Simultaneous translation will be available throughout the conference. Upon completion of the conference all presentations will on first instance be posted in a special microsite.

For further information, please contact: Institute of Energy for SE Europe (IENE) 3, Alex. Soutsou Street, 106 71 AthensΤel: +30 210 3628457 begin_of_the_skype_highlighting                 +30 210 3628457        end_of_the_skype_highlighting begin_of_the_skype_highlighting                 +30 210 3628457        end_of_the_skype_highlighting begin_of_the_skype_highlighting                 +30 210 3628457        end_of_the_skype_highlighting begin_of_the_skype_highlighting                 +30 210 3628457        end_of_the_skype_highlighting , 210 3640278 begin_of_the_skype_highlighting                 210 3640278        end_of_the_skype_highlighting begin_of_the_skype_highlighting                 210 3640278        end_of_the_skype_highlighting begin_of_the_skype_highlighting                 210 3640278        end_of_the_skype_highlighting begin_of_the_skype_highlighting                 210 3640278        end_of_the_skype_highlighting  , 210 3624245 begin_of_the_skype_highlighting                 210 3624245        end_of_the_skype_highlighting begin_of_the_skype_highlighting                 210 3624245        end_of_the_skype_highlighting begin_of_the_skype_highlighting                 210 3624245        end_of_the_skype_highlighting begin_of_the_skype_highlighting                 210 3624245        end_of_the_skype_highlighting - Fax: +30 210 3646144 e-mail: [email protected]