A geothermal energy producer in the Philippines is getting a multibillion-dollar investment, according to The Philippine Star.
If you have not heard of geothermal before, the concept might sound too good to be true. Water is pumped down into deeply drilled holes in the ground, where it's boiled by the natural heat of the inner earth. That hot water is then pumped back up to the surface, where its steam spins turbines and generates electricity.
However, a big issue with this form of energy is the immense financial backing it needs to get up and running. Yet, with enough funds, geothermal can supply a significant amount of power that is not dependent on dangerous planet-heating fuels, which makes it more reliable and cheaper in the long run.
The reliability aspect is especially valuable in the Philippines, where power disruptions are a frequent concern.
Maibarara Geothermal already runs two successful geothermal projects in Luzon, the nation's most populated area. Thanks to a joint investment that will land between $6.8 billion and $8.9 billion, it can now scale up to an even bigger operation, The Philippine Star reported.
As the outlet explained, Maibarara Geothermal could add up to 40 million watts of power to its capacity with the new investment. Two primary companies, PetroGreen Energy and ACEN, will finance the expansion, and the state-led PNOC Renewables also supports the operation.
TCD Picks » Upway Spotlight
💡Upway makes it easy to find discounts of up to 60% on premium e-bike brands
That extra juice alone could cover the full electric needs of about 90 American homes for a year, based on data from EnergySage. The payoff will likely be even higher in the Philippines, where the power consumption per capita is lower.
The proposal involves creating six new wells and weaving them into the existing infrastructure. The necessary drilling resources and equipment are being arranged, and construction is scheduled to begin in late 2027. The goal is for the project to be up and running in 2031, according to The Philippine Star.
"The project aims to contribute to the power generation capacity of the Luzon grid and can help reduce the persistent power shortages in the country," Maibarara Geothermal said, per the outlet.
"It benefits the entire nation by … reducing reliance on imported oil or coal and promoting sustainable development," it added.
TCD Picks » Stasher Spotlight
💡Stasher's reusable food storage options make it easy and affordable to live life with less plastic
|
How often do you experience power outages? Click your choice to see results and speak your mind. |
Pretty regularly 😠 
Join our free newsletter for weekly updates on the latest innovations improving our lives and shaping our future, and don't miss this cool list of easy ways to help yourself while helping the planet.
Cool Picks
