Geothermal receives support from the RIF

In New Zealand, geothermal energy accounts for about 20 percent of our electricity supply.

Early-stage geothermal exploration involves high upfront costs, so this targeted investment from the RIF will help de-risk exploration and allow more projects to get started in our regions. 

From the $50 million allocation, two projects have been loaned $10 million each – the Taumanu and Kopura geothermal projects near Rotomā and Kawerau.

These projects involve early work needed to potentially unlock two new geothermal power stations for electricity generation, including underground surveys and exploratory well-drilling and testing.

Both projects are joint ventures between renewable energy company Eastland Generation and local Māori land trusts.

A third project, the Whakatāne Geothermal Temperature Gradient Well Programme has received a $3 million grant. This project is run by the University of Auckland’s Geothermal Institute.

The project will involve drilling three exploratory wells in Whakatāne to provide data that will reduce geological uncertainty. It could enable future development of renewable heat supply for industrial and community users in the eastern Bay of Plenty.

If successful, all three projects will support low‑emissions, home‑grown energy, Māori economic development, and long‑term regional growth.

The Government recently released its strategy ‘From the Ground Up’ to harness the tremendous power of New Zealand’s geothermal resource and double its use by 2040.

Read 'From The Ground Up' — MBIE