Geothermal Engineering Announces Bond Financing of USD6.5 Million for United Downs Deep Geothermal Power Project in England, UK

Published: Jul 16 2017
Deal Summary

Geothermal Engineering Ltd, a renewable energy company, has announced bond financing of GBP5 million (USD6.55 million) for the construction and development of the United Downs Deep geothermal power project situated near Redruth in Cornwall, England, UK.

The company intends to raise the funds through Abundance, a crowdfunding platform overseen by the main City regulator. Earlier on July 21, 2017, Geothermal Engineering has received a grant of GBP10.6 million (USD13.44 million) from the European Regional Development Fund (ERDF) for the construction and development of the geothermal power project. The total cost of the power plant is expected to be GBP18 million (USD23.6 million).

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