The GEORISK project aims to develop financial schemes mitigate the impact of the resource risk by spreading it in such a manner that project developers can accept their fair share of it. This mitigation of the risk through financial instruments allows to lower the financial exposure of developers in case of failure to develop a geothermal reservoir.

Until the first borehole has been drilled into the geothermal reservoir, developers cannot be sure about the exact parameters (temperature and flow rate) of the planned geothermal project. Once drilling has taken place, improved knowledge reduces the resource risk and make it possible to attract external capital.

The GEORISK project works to establish such risk insurance all over Europe and in some key target third countries to cover the exploration phase and the first drilling.

The project, coordinated by EGEC, will be on-going from October 2018 to March 2021.

Georisk Webinar – 26/02/2019

The GEORISK webinar “Risk assessment and risk mitigation measures” presented on the 26th of February the preliminary results of the project, to prepare a risk register and a risk assessment tool to serve as a technical basis for risk measurement, and to propose risk mitigation tools to establish such insurance schemes at scale, according to best practices.

The recordings are available here.

GEORISK Project key objectives

  • Facilitate the transition of existing insurance scheme in Europe (France, Germany, Turkey, Switzerland, Denmark, The Netherlands…) according to the market maturity of the sector
  • Replicate and promote the insurance scheme for target countries in Europe (Hungary, Poland, Greece, Belgium, Croatia, Slovenia…)
  • Adapt and present tools in Latin America (Chile and Mexico) and Africa (Kenya)

GEORISK Project partners

  1. EGEC (Coordinator)
  2. AFPG Association Française des Professionnels de la Géothermie (France)
  3. BRGM Bureau des Ressources Géologiques et Minières (France)
  4. TUBITAK Turkiye bilimsel ve teknolojik arastirma kurumu (Turkey)
  5. JESDER Jeotermal elektrik santral yatirimcilari dernegi (Turkey)
  6. Geothermal Express Ltd. (Hungary)
  7. Mining and geological survey of Hungary (Hungary)
  8. Mineral and Energy Economy Research Institute of Polish Academy of Sciences (Poland)
  9. Center for renewable energy sources and saving foundation (Greece)
  10. PPC Renewables (Greece)
  11. SFOE Federal department for environment transports energy and communication (Switzerland)
  12. gec-co Global Engineering & Consulting – Company GmbH (Germany)
  13. Bundesverband Geothermie e.V. (Germany)
  14. Türkiye Kalkinma Bankasi/Development Bank of Turkey (Turkey)
  15. Geothermie-Schweiz Schweizerische Vereinigung für Geothermie (Switzerland)
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