Petratherm Signs Deal with Spanish Governments for Geothermal Project

Petratherm has entered a cooperative agreement with the Spanish Federal Government and the Madrid Regional Government to move forward with its 8-megawatt (MW) Madrid Geothermal District Heating (GDH) project.

The agreement will see a committee formed with members from both Spanish governments and Petratherm to work toward making the district heating project viable. It will be backed by a €87,000 [US $124,000] contribution from the Spanish Federal Government toward a feasibility study.

The committee will now work on an agreement with customers for the supply of heat – the customers include various departments of the Madrid Regional Government as well as assessing potential subsidy and financing options available from government programs for the GDH project. Environmental clearances for drilling and development are being pursued currently.

Petratherm’s Madrid GDH project has been highlighted as one of six renewable energy projects of interest within the Madrid Regional Government’s Renewable Energy Cluster Project, which is seeking to advance renewable energy projects in the Madrid region.

“This agreement reflects a strong desire by Spanish authorities to realise a working example of a geothermal district heating project in the Madrid region,” said Terry Kallis, Petratherm’s managing director.

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