Latest News

• Region: North America
• Topics: Geothermal
• Date: 31st March 2026

Banco Bilbao Vizcaya Argentaria (BBVA) has outlined its thoughts on geothermal’s “remarkable transformative potential” in a statement following its participation in the recent groundbreaking Cape Phase I project financing in the USA.

The Spanish multinational financial services group played a key role as Coordinator Lead Arranger and Hedging Coordinator in the financing of the project, which is being developed by Fervo Energy in Beaver County, Utah.

BBVA noted that the project marks a milestone in the commercial-scale deployment of next-generation geothermal in the country.

“Next-generation geothermal technologies are demonstrating remarkable transformative potential,” said Miguel Peña, responsible for project finance at BBVA in the United States and Canada.

“Their ability to scale commercially will be critical to strengthening the renewable energy mix by providing firm and reliable generation that complements intermittent sources such as solar and wind.”

The deal also flags BBVA’s capabilities across the energy sector more broadly and reinforces its presence as a leading project financier in the US market, according to Peña.

“Our commitment as a financial institution is to help innovative cleantech projects be structured and developed with a long-term perspective, facilitating their access to the market,” he said.

Developer Fervo Energy announced earlier in March the successful close of US$421mn in non-recourse debt financing for the Cape Phase I project, calling it a ‘first of a kind’ and an indication of the bankability of enhanced geothermal systems (EGS).

Other major commercial banks and insitutions involved in the project financing include Barclays, HSBC, MUFG, RBC Capital Markets and Société Générale.

All have a wealth of experience as lenders to energy and infrastructure projects globally.

The involvement of such major lenders signals growing investor confidence in geothermal as part of the energy transition, both in the USA, and more broadly across the globe.

BBVA noted that its participation in the Cape Phase I financing “further consolidates its role as a strategic financial partner to the cleantech ecosystem” and “reinforces its position as one of the leading institutions in the financing of innovative energy projects in the United States.”

The bank added that it intended to continue to promote the development of next-generation infrastructure and accelerate the transition to a low-carbon economy.

• Region: North America
• Topics: Geothermal
• Date: 30th March 2026

The Nevis Island Administration is advancing towards the next phase of its geothermal development following discussions with Iceland Drilling Company to finalise a contract for exploratory drilling.

• Region: North America
• Topics: Geothermal
• Date: 27th March 2026

The Organisation of Eastern Caribbean States Commission has continued to provide technical assistance to the Government of Saint Lucia to support the development of drafting instructions for a Geothermal Energy Development Bill.

• Region: Europe
• Topics: Geothermal
• Date: 25th March 2026

Denmark’s Green Therma ApS and Germany’s Geothermie Rupertiwinkel GmbH (GTR) have signed a Letter of Intent (LoI) to explore the feasibility of deploying a closed-loop geothermal heat solution in the Rupertiwinkel geothermal area in Bavaria.

“This collaboration represents an exciting opportunity to demonstrate how closed-loop geothermal technology can unlock reliable geothermal heat with lower geological risk,” said Jørgen Peter Rasmussen, CEO of Green Therma.

The two sides will evaluate the potential application of Green Therma’s Heat4Ever technology, a closed-loop geothermal system designed to extract geothermal heat while minimising the geological risks typically associated with conventional hydrothermal geothermal projects.

The initial phase will focus on a feasibility assessment, including geological analysis, heat demand evaluation, and a preliminary design of a Heat4Ever geothermal plant.

If successful, the project could form the basis for future development of a geothermal heat supply supporting industrial and district heating demands in the region, one of Germany’s wealthiest areas.

“We see strong potential in combining our geothermal development ambitions with Green Therma’s innovative Heat4Ever solution to help deliver sustainable heat for the region,” added Anthony Hawkins, Managing Director of Geothermie Rupertiwinkel GmbH.

Earlier in March, Green Therma also signed an LoI with SWK Stadtwerke Kaiserslautern Versorgungs-AG to assess the deployment of closed-loop geothermal heat in Kaiserslautern.

This project aims to evaluate how Green Therma’s Heat4Ever solution can supply geothermal heat into SWK’s 105-km district heating network as part of SWK’s ambition to achieve carbon-neutral heat by 2045.

In February, ZeroGeo Energy GmbH announced the purchase of GTR and its plans for a green energy hub in Kirchanschöring, Bavaria, consisting of a geothermal heating and cooling and/or power development, plus a battery energy storage system.

• Region: North America
• Topics: Geothermal
• Date: 25th March 2026

XGS Energy, a developer of next-generation geothermal power systems, is teaming up with energy technology company Baker Hughes to advance XGS’s planned 150-megawatt geothermal project in New Mexico.

• Region: Europe
• Topics: Geothermal
• Date: 24th March 2026

Expro is ready to deliver well testing services for the Schleidberg well in Vulcan Energy’s significant Lionheart Project.

• Region: North America
• Topics: Geothermal
• Date: 23rd March 2026

A major energy modernisation scheme involving the use of geothermal has been completed at a US Army base in Louisiana.

Corvias, which partners with the Department of War and higher education institutions on infrastructure and energy resiliency challenges, said in a statement that the project would support the military housing community at Fort Polk, converting 3,600 homes to high-efficiency ground source heat pump (GSHP) technology.

It also continues a trend in the roll-out and adoption of geothermal energy for use in military bases and installations elsewhere in the US.

“Energy modernisation is a key part of our long-term partnership with the US Army and reflects our commitment to listening to residents and delivering tangible improvements that matter in their daily lives,” said Kolby Stobbe, senior vice president, property operations at Corvias.

“At Fort Polk, we’ve delivered a community-wide transformation that increases resident comfort and strengthens long-term housing performance and resilience.”

The project replaces legacy HVAC systems with geothermal heating and cooling for more consistent indoor comfort, quieter operation, and improved efficiency, the statement noted.It also builds on prior energy enhancements at the site, including advanced metering and optimised hot water systems.

The upgrades are expected to reduce annual electricity consumption across Fort Polk’s military family housing community by 30%, generating more than US$2.6mn in annual utility and operational cost savings.

The Corvias statement added that the milestone is part of a US$92mn investment in infrastructure improvements to the Fort Polk military family housing community, which also includes renovation, roof replacement and structural improvement works.

“As one of Corvias’ long-standing public-private housing partnerships with the US Army, the Fort Polk military family housing partnership demonstrates how sustained reinvestment can elevate the resident experience while also driving local economic impact,” the Corvias statement added.

“Together, these improvements transform legacy U.S. Army housing into refreshed, modern neighbourhoods that better reflect the expectations of today’s service members and their families.”

• Region: North America
• Topics: Geothermal
• Date: 20th March 2026

Fervo Energy, developer, owner, and operator of next-generation geothermal assets, has announced the successful close of  US$421mn in non-recourse debt financing for the first phase of its Cape Station development, a considerable achievement for a “first of a kind” project and an indication of the bankability of enhanced geothermal systems (EGS) as the demand for clean power continues to rise.

• Region: Asia Pacific
• Topics: Geothermal
• Date: 19th March 2026

A geothermal exploration initiative in Whakatᾱne, led by the University of Auckland, has secured $3mn from the Government’s Regional Infrastructure Fund for the drilling of exploratory temperature-gradient wells to better understand the resources lying within the area.

• Date: 18th March 2026

The European Geothermal Energy Council (EGEC) has broadly welcomed the new Clean Energy Investment Strategy announced this month by the European Commission but has urged for both public and private financing to be available for geothermal projects.

The group noted in a statement that it was pleased to see the emphasis on the need to de-risk investments in clean energy projects through the strategic use of public funds.

EGEC’s Secretary General, Philippe Dumas, also flagged the significance of the timing of the strategy, as energy prices spiked amid escalating conflict in Iran and across the Middle East.

“When it comes to energy policy, Europe must avoid the trap of always reacting to external shocks and lurching from crisis to crisis,” he said. “What we need is a strategic, long-term approach to support the transition away from imported fossil fuels towards renewable and decarbonised energy sources – with geothermal solutions playing a key role.”

He added: “Geothermal must be at the heart of Europe’s approach to providing clean electricity as well as heating and cooling, with security of supply and affordable prices for all energy consumers – from households to industries.”

Dumas said that geothermal canhelp to bring down energy costs for people and businesses, thereby strengthening the EU’s competitiveness.

“But, in order to access these benefits, we need a more encouraging environment for investment, with targeted European financial instruments that can leverage private capital."

He also called for a geothermal strategy and action plan at EU level with “ambitious targets” to support the roll-out of geothermal across member states, as well as a an industrial alliance to facilitate the sharing of best practice.

“The EU has a vital role to play when it comes to public funding and financing for geothermal energy projects,” said Dumas. "In this regard, we would like to see the European Commission develop a sectoral tripartite contract for geothermal energy, similar to those already announced in relation to offshore wind and energy storage under the umbrella of the Affordable Energy Action Plan."

The Commission’s proposals also include aCitizens Energy Package, to support the establishment of energy communities at local level and enable them to invest in geothermal heating and cooling networks.

“Reducing heating and cooling costs with secure supplies and stable prices benefits everyone, and is especially vital if we want to tackle energy poverty,” said Dumas.

Geothermal heating and cooling solutions, including district heating and cooling networks that utilise the stable temperatures found underground, can offer benefits including no pollution, zero emissions, extended lifetimes and low costs for operation and maintenance.

“The Citizens Energy Package should also enable fair competition between different energy sources, with an emphasis on long-term costs and affordability for consumers,” added Dumas, calling for a more level playing field.

Heating currently represents 50% of the EU’s overall energy consumption, 80% of the energy consumption for individual buildings, more than 50% of energy for commercial buildings and a large part of the energy consumption for industry and farmers, he noted.

“When installing a new heating and cooling system, consumers – from households and building owners to cities, industry or farmers – should be offered a choice between all heating sources that lets geothermal compete with other solutions on a level playing field that takes emissions and long-term running costs into account,” he added.

EGEC also underlined the importance of strengthening competition between energy technologies in heating and cooling markets, as emphasised in the Citizens Energy Package and to be highlighted in the upcoming Heating and Cooling Strategy.

• Date: 17th March 2026

Project InnerSpace, the non-profit research organisation accelerating geothermal energy, has partnered with the Society of Petroleum Engineers (SPE) to launch the Geothermal Resources Management System (GRMS), designed to unlock capital for the scaling up of geothermal energy.

The new initiative – a standardised framework for classifying, reporting and communicating geothermal resources and reserves – is funded by Project InnerSpace and based along the lines of the Petroleum Resources Management System (PRMS), the global standard for classifying and communicating petroleum resources and reserves which is managed by the SPE and has unlocked significant levels of oil and gas investment. In 2022 the SPE extended this initiative to non-hydrocarbon resources, including geothermal energy.

Despite strong and growing demand for geothermal energy, capital flows into this industry remain very limited in comparison with the US$600bn invested globally in the oil and gas industry. The GRMS is designed to close that gap by giving the financial community the confidence to release capital at the scale required to accelerate geothermal development.

The launch follows a two-year exercise by Project InnerSpace, involving multiple stakeholders, to identify geothermal financing barriers. This concluded that the absence of a standard, publicly accessible and independently verifiable information framework is the biggest barrier to investment, which could be addressed by developing a system that both financial institutions and the oil and gas industry already use and understand to value geothermal resources.

An initial GRMS framework is expected to be developed within a year, which will give geothermal projects the same financial credibility that oil and gas assets have possessed as a result of the PRMS and means that the financial community can use a trusted and familiar system to evaluate geothermal projects, without having to learn a new system. It is expected to unlock other financing mechanisms including reserves-based lending; insurance underwriting; farm-in/farm-out agreements and joint ventures, secondary market liquidity and SEC reporting compliance.

Significant reductions in legal and transactional structuring costs as well as deal execution timelines are expected through the use of standardised contractual frameworks through the GRMS, which could save more than US$100mn in annual legal cost savings across the industry within four years, it is estimated.

“The financial community already understands how to use the language of large-scale subsurface energy development through oil and gas,” commented Simon Seaton, CEO of the Society of Petroleum Engineers International. “The creation of a Geothermal Resources Management System (GRMS) is a foundational step toward building the market structures and financing mechanisms needed to accelerate geothermal development.”

“GRMS is the equipment of GAAP for accounting – the shared language that gives the financial world the confidence to engage at scale,” added Jamie Beard, Executive Director of Project InnerSpace. “With it in place, every other financial mechanism we need to scale geothermal becomes viable.”

• Date: 16th March 2026

Valencia is seeking to champion the use of geothermal energy in popular tourist attractions, with a landmark project beneath the Museu de les Ciencies, a well-known science destination in the southern Spanish city.

It has launched a landmark project with the deployment of a large-scale geothermal plant under the iconic museum, within the architectural complex of the Ciutat de les Arts i les Ciencies.

The commissioning of the installation is “imminent”, a statement published on openPR noted, marking what it called “a transformative milestone in the sustainable HVAC decarbonisation of major cultural infrastructure."

The geothermal project is led by Grupo Itecon, through its subsidiary DCL Geoenergia, and drawing on its proprietary DCL GEOENERGIA technology.

According to the statement, the development positions the Museu de les Ciencies as the largest cultural building in Europe to utilise geothermal energy powered by DCL GEOENERGIA technology.

With an installed thermal capacity of 4,050 kW, the plant will also become the largest geothermal installation in Valencia.

The DCL GEOENERGIA geothermal system, engineered and implemented by Grupo Itecon, is based on a high-efficiency field of 32 vertical geothermal boreholes, interconnected through a closed-loop hydraulic circuit.

The system leverages the stable subsurface temperature to provide efficient heating and cooling through ground-source heat exchange.

During the summer months, excess heat from the building is transferred into the ground, while in winter, thermal energy is extracted from the subsurface to supply heating.

“The result is a combustion-free, zero direct-emission HVAC solution, delivering energy stability, operational resilience and a significant reduction in fossil fuel dependency,” the statement added.

The installation is expected to generate annual energy savings over 1,013,000 kWh, while cutting around 335,000 kg of carbon emissions per year.

“These performance indicators position DCL GEOENERGIA technology as a strategic solution for the real decarbonisation of large public buildings and high-demand infrastructures,” the statement noted.

“The imminent commissioning of this geothermal plant represents not only a technical achievement but also a scalable industrial model applicable to airports, hospitals, commercial complexes, and large urban developments across Europe and beyond.”