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| DEEP President and CEO Kirsten Marcia |
The DEEP Earth Energy Corp. continues to make strides in its endeavor to build Canada's first geothermal energy power plant in the Estevan area.
President and CEO Kirsten Marcia, speaking at the November 24 meeting of Estevan City Council, promoted the potential of thermal energy, not only as a renewable source of baseload power, but also as a possible source of heating.
Deep Earth wants to build a 5 MW geothermal energy demonstration project south of Estevan. Plans remain on track, she said, as the company has to generate $5 million in financing; the estimated cost for the demonstration project is $40 million.
Provincial and federal governments have already kicked in $2 million, which went towards a pre-feasibility study. Marcia said additional money could be coming from Ottawa.
Approximately one-third of the $5 million that they need is already in place. Marcia noted that about 95 per cent of their shareholders are from Saskatchewan. Some of the support has come from Estevan.
Marcia is hopeful that Deep Earth can begin power production in 2 1/2 to three years.
