GEOFAR - A European Solution for Geothermal Energy Projects in Portugal

Friday, November 5, 2010

The Institute of Energy for SE Europe (IENE) in co-operation with the AgenciaRegional da Energia da Regiεo Autonoma dos Aηores (ARENA) is organizing a one-day Seminar in Lisbon, Portugal on November 5th, 2010 in order to discuss the latestdevelopments in the Portuguese geothermal energy sector and to present someinnovative ideas that the GEOFAR project has put forward for the development ofgeothermal energy in Europe. The consortium of GEOFAR believes that countries like Portugal with a huge geothermal potential must encourage geothermal investments.

Unfortunately, these investments experience high level of shrinkage and big delays inthe implementation of several pilot and full-scale projects. This is mainly due to thelack of information among decision makers and investors, but also because ofinappropriate funding schemes. GEOFAR has therefore developed GeoRiMi, a Geothermal Risk Mitigation Scheme that provides subsidies and guarantees for theexploration and drilling phase of deep geothermal projects. With the successfulimplementation of GeoRiMi numerous geothermal energy projects can benefit fromthis innovative financial instrument that will sustainably boost the geothermal sectoracross Europe.

Intense discussions with experts from the geothermal financing sector during recentconferences showed that we are on the right track in reaching our aim which is toreduce financial barriers which affect the initial stages of geothermal energy projects.This can be achieved through the full development and application of the proposedGeoRiMi instrument.

The scope of this one day Seminar apart from a general update on geothermal projectsin Europe is to discuss with experts from the geothermal financing sector and possibleusers the use of GeoRiMi which provides one of the best viable solutions for investorsas well as for financial intermediaries. GeoRiMi’s main advantage is its role inreducing financial barriers which hinder the initial stages of geothermal energyprojects. Upon conclusion of the conference its findings will be presented to theappropriate authorities of Portuguese government.

For more information, visit www.iene.gr and www.geofar.eu