Geo POWER Act

This bill, the Geo POWER Act, amends the Energy Independence and Security Act of 2007 to create a new milestone-based geothermal demonstration program that provides innovative financing for projects in low-permeability and impermeable reservoirs, aiming to accelerate commercialization of next-generation geothermal technologies in new regions and geologies.

Sec. 3, Innovative financing for geothermal demonstration projects: This section adds a new subsection (e) to Section 615 of the Energy Independence and Security Act of 2007, establishing the Milestone-Based Geothermal Demonstration Program. The program awards innovative financing through a competitive process based on achieving technical and financial milestones. It prioritizes projects in regions with limited or no geothermal electricity generation, including on or near Indian land; projects that collect and share data to characterize new resources; new geothermal electricity production facilities with at least 30 megawatts capacity or projects advancing innovations enabling commercial-scale generation of at least 30 megawatts; and projects with potential for significant private investment. The Secretary must award financing to at least 3 different proposals in at least 3 different states and to at least 3 different project sponsors, and must maintain sufficient staffing. The subsection also authorizes such sums as necessary to carry out the program.