French energy minister Segolene Royale on Monday announced the establishment of the EUR-50-million (USD 53.9m) GEODEEP risk insurance fund, which will focus on deep geothermal energy.
The main purpose of the fund will be to protect geothermal project operators from the geological risk, which they face when conducting the exploration and exploitation phases. More specifically, the fund will compensate them if they are unable to find an economically sustainable geothermal resource. GEODEEP was co-financed by ADEME, a public institution under the ministry, public investment bank La Caisse des Depots and a number of private operators, according to a Tuesday statement by the European Geothermal Energy Council (EGEC).
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