Backed by the World Economic Development Goals Fund, Verkís embarks on a 12-month initiative to assess India's geothermal potential, marking a significant step towards sustainable energy development
Icelandic engineering company Verkís has been selected to receive funding from the World Economic Development Goals Fund for its project "Geothermal India."
The aim of this significant 12-month project is to evaluate the potential of geothermal resources in India, particularly in the Himalayan and Indian Peninsula regions. For this project, Verkís has received ISK 8,718,000 (about $63,505).
The first step in the project will be to process existing data on potential geothermal production sites in India. After considering 350 areas, three specific locations will be shortlisted for feasibility studies to determine the optimal utilisation of geothermal resources in these areas. This study is a preliminary step towards more extensive geological investigations and planning for the implementation of geothermal projects.
Installing a geothermal project is expected to provide several benefits to local communities, including reduced pollution, lower energy costs for homes and businesses, and possible prospects for tourism. The regional economy stands to be reinvigorated by this project, as it would create new job openings and enhance the overall well-being of the population. Verkís will carry out the project with the help of local experts and in dialogue with municipalities in the selected areas.
The World Economic Development Goals Fund encourages the participation and contribution of businesses to development cooperation. Along with Verkís, three other companies, Tern Systems, As We Grow, and Creditinfo Group, were also selected for funding.
Geothermal development in India has gained momentum in the last two years, with a geothermal drilling campaign by the Oil and Natural Gas Corporation (ONGC) in the Puga Valley in Ladakh as well as a proposed nationwide project to map the geothermal resources of India.
In late 2023, the Government of Arunachal Pradesh in northeast India signed an MOU with the Norwegian Geotechnical Institute (NGI) to explore the feasibility of harnessing geothermal energy from the state's hot springs.