Taipower held a signing ceremony for the “MOU for Cooperation – Geothermal Development at Tatun Mountain,” jointly signed by Taipower Chairman Wen-sheng Tseng, TCC Chairman Shun-I Huang, Baseload Capital Chairman Magnus Brandberg, and representatives from GreenFire Energy, along with delegations from other international geothermal companies.
Taipower emphasized that geothermal development carries the risk of resource uncertainty during the initial stages, coupled with relatively high exploration costs and technological barriers. Therefore, collaboration can help share these upfront costs while introducing global exploration expertise and innovative technologies.
Taipower noted that the geothermal exploration project will leverage both local and global expertise from renowned companies in the geothermal and energy sectors. For instance, Baseload Power companies are developing geothermal power plants in the United States, Japan, and Iceland and are currently conducting geothermal exploration and development in Hualien and Nantou in Taiwan. GreenFire Energy focuses on developing cutting-edge technologies for advanced geothermal systems (AGS). Additionally, TCC has participated in the Cingshuei geothermal power project in Yilan.
Magnus Brandberg, Co-Founder and Chairman of Baseload Capital , stated, “As Taiwan’s first international geothermal developer, we are committed to delivering 24/7 clean energy and advancing the geothermal industry. By leveraging public-private collaboration, we aim to unlock Taiwan’s geothermal potential, contribute to its energy independence, and support the 2050 Net-Zero goal”.
Taipower stated that the Geological Survey and Mining Management Agency of the Ministry of Economic Affairs has assessed that the geothermal potential of the Tatun Volcanic Group accounts for approximately 20% of Taiwan’s total geothermal resources and has accumulated comprehensive exploration data in the area. Accordingly, this cooperation has designated Tatun Mountain as the primary focus for the first phase of development. Following the signing of the MOU, a series of activities will commence, including the analysis of existing geological data, 3G exploration (geology, geochemistry, and geophysics), the establishment of conceptual models, the determination of drilling targets, and the execution of exploration drilling. Subsequently, the team will evaluate the utilization of advanced geothermal systems (AGS) that extract heat without extracting water.
Taipower stated that the Renze Geothermal Power Plant, commissioned in October last year, has an installed capacity of 0.84 MW and generates approximately 4.7 million kWh of renewable energy annually, equivalent to the annual electricity consumption of nearly 1,200 households. Currently, Taiwan’s total geothermal installation capacity stands at 7.29 MW. This collaborative exploration by Taipower and international geothermal experts represents the early stage of geothermal development. Upon completing the exploration project, the team will further evaluate the development and construction of geothermal power plants. Taipower looks forward to continually expanding geothermal potential and maximizing the benefits of scaled-up development, positioning geothermal energy as a vital contributor to achieving Net Zero.