Geo POWER Act

This bill, the Geo POWER Act, aims to advance next-generation geothermal electricity generation demonstration projects in new regions across the United States. It does so by amending existing law to create a milestone-based financing program for geothermal projects in low-permeability and impermeable reservoirs.

Sec. 3, Innovative financing for geothermal demonstration projects: This section amends the Energy Independence and Security Act of 2007 to establish a 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 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. The section also authorizes such sums as necessary to carry out the program.