GEORISK project: Developing geothermal projects by mitigating risks.
The Kick-off meeting of GEORISK project took place at EGEC’s office in Brussels on October 9-10, 2018.
The 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 type of financing schemes that can reduce this risk have been established in 6 European countries. The GEORISK project will work 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 for 30 months from October 1, 2018.
15 partners are part of the consortium: