Tuesday, 16, July, 2019

The National Agency for Project Management (NAPM) under the Uzbek President and the Finnish company Kauko International signed a Memorandum of Understanding for developing geothermal energy sector.

According to the NAPM, the document implies the use of geothermal energy solutions and partnerships in search for ways to explore geothermal energy sources in Uzbekistan.

The proposed solutions are based on Finnish innovative drilling equipment, which revolutionized drilling speed by an average of 2-4 times. This reduces financial costs and time, as drilling to a depth of 4-7 km requires large time and financial costs, which leads to significant risks.

Geothermal energy production is planned to be carried out within the framework of the public-private partnerships: the Uzbek Government as the body that determines the main axis of the project (energy price, taxation, etc.), as well as the location for the project and the form of electricity to be generated; while the private sector - attracting investments, necessary knowledge, technologies and financing for planning, building and operating a geothermal power plant.

Latest in Economy