Government Allocates $50M for New Geothermal Projects to Boost Regional Growth

The New Zealand Government has ringfenced $50 million from the Regional Infrastructure Fund to support early-stage geothermal projects, aiming to de-risk exploration and boost regional productivity and resilience. So far, three projects have received funding, including two $10 million loans for the Taumanu and Kopura geothermal projects and a $3 million grant for the Whakatāne Geothermal Temperature Gradient Well Programme. These initiatives are expected to create jobs, promote Māori economic development, and enhance renewable energy capacity through exploration and potential new geothermal power stations.