Baku, Azerbaijan, June 28
By Fakhri Vakilov- Trend:
The National Project Management Agency under the President of Uzbekistan and the Finnish company KaukoInternational intend to develop geothermal energy in Uzbekistan, Trend reports via Uzbek media.
The parties signed a memorandum of understanding for the development of the energy sector by attracting investment and introducing sustainable, reliable and affordable energy production technologies.
Memorandum involves the use of a solution that uses geothermal energy, as well as a joint search for ways to operate geothermal energy sources in Uzbekistan.
The proposed solution is based on Finnish innovative drilling equipment, which revolutionized the speed of drilling, on average, by 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. It also increased the efficiency of geothermal energy production.
Production of geothermal energy is planned in partnerships. The state will act as an authority that determines the main policy of the project (energy price, taxation, etc.), as well as the place for the project and the form of electricity generated.
In turn, the private sector will be responsible for attracting investments, necessary knowledge, technologies and financing for planning, building and operating a geothermal power plant.
Geothermal energy is a sustainable, affordable, efficient and reliable method of generating electricity. These characteristics make it the best solution for countries that are looking for reliable energy production solutions and reduce their dependence on fossil fuels.
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