The Ministry of Economic Affairs of Taiwan announced that it is targeting the deployment of 20 teams to start deep geothermal exploration by next year, committing to a goal of reaching 1 GW of installed geothermal power generation capacity by 2027 or 2028.
This initiative was announced by Deputy Minister Lien Jin-chang during a speech at the Renewable Energy Summit Forum hosted by Mirror Weekly, where he also called for private support to complement the investment of CPC Taiwan and Taipower. Just about a month ago, CPC Taiwan announced the drilling of a 4000-meter geothermal exploration well in the Yuanshan township in Yilan County.
Stating that deep geothermal exploration requires significant financial resources, the Deputy Minister also expressed hopes that the banking industry will provide financing. If so, developers that have already invested in shallow geothermal development can apply for more funding to develop deep geothermal. In this way, the local industrial chain can also expand.
With several parallel efforts for surface exploration and drilling in geothermal projects, as well as in capacity building and policy-making, Taiwan is well-positioned to rapidly build its installed capacity for geothermal power in the coming years.
