The government of Taiwan has announced an incentive program to promote joint public and private investment in geothermal power generation.
Following the successful launch of the first MW-scale geothermal power plant in Taiwan in Yilan County, the Ministry of Economic Affairs (MOEA) has announced the “Geothermal Power Demonstration Incentive Program” that aims to encourage joint public and private investment in development of geothermal power generation in Taiwan.
The law provides two types of incentives – investment incentives and exploration incentives. For the investment incentives, the target is to encourage and assist local governments to promote geothermal power generation investment and related operations. The maximum incentive funding of NTD 3 million (approx. USD 101,000) per case will go towards planning of geothermal sites, evaluation, investment promotion, and contract management for subsequent projects.
On the other hand, the exploration incentive is designed to minimize the risk of geothermal projects for developers. The fund will go towards geological, geophysical, and geochemical surface surveys, drilling, and capacity testing. A maximum incentive funding of NTD 100 million (approx. USD 3.3 million) and 50% of the exploration cost can be provided for each case. The implementation period of the development plan shall be limited to five years.