There are four major renewable energy sources that have managed to demonstrate the impressive technical feasibility and economic efficiency over the years. They include wind energy, solar energy, hydropower, as well as thermal energy from the Earth’s interior. Many investors, including Paul Favret, are considering investments in geothermal, solar, and wind projects. Geothermal energy resources basically refer to thermal energy stored in the deep layers of the planet.
Paul Favret shares a brief insight into the geothermal energy industry
Geothermal energy originates in the mantle, where heat tends to be generated by the decay of radioactive elements. A large amount of energy is released during the decay of unstable nuclei. As a result, high temperature prevails in the center of the Earth, reaching several thousand degrees. The temperature gets lower closer to the surface, and the difference may reach up to 90 ° C per kilometer or even more. Transferred heat energy accumulates in water and rocks deep under the crust of the planet as a result of the convention. This heat is either released outward in the form of geysers or accumulates at depth. The overall effectiveness of the commercial use of geothermal systems ideally depends on a range of geological conditions. These conditions include volcanic activity or the penetration of rainwater into the rock. The geothermal gradient that reflects changes in the temperature of the earth with depth plays a critical role in assessing the thermal resources of the area.
Commercial usage of geothermal energy is largely based on pumping hot water via several kilometer-deep wells. Depending on their characteristics, geothermal sources cannot only be used for generating electricity, but also direct heat consumption. Contemporary systems typically pump out a heated liquid heat carrier from a well and subsequently return cooled liquid to repeat the cycle. This principle highlights the enhanced geothermal system.
Construction and expansion of geothermal energy systems are aimed at generating renewable electrical and thermal energy with the use of internal heat from the bowels of the planet. Making investments in geothermal projects helps in competently diversifying the global energy mix and reducing energy expenses. It also contributes to protecting power grids from the instability of conventional renewable sources. The growing interest of investors in this domain is driven by the unlimited resources hidden in the depths of the planet. According to researchers, geothermal is the second largest source of renewable energy after solar radiation. Moreover, unlike solar energy, making investments in geothermal power plants is not only limited to temperate and hot regions. Geothermal projects help ensure energy independence and sustainability in several nations where solar energy is not sufficient.
The exploration of geothermal energy creates brand new opportunities for the growth of local production and for the intensive economic development of remote areas. Founder and Owner of Abundant Investments, Paul Favret plans to pivot to geothermal, wind, and solar energy investments, from traditional oil and gas investments. Investments in geothermal energy are complemented successfully by photovoltaic projects and wind parks. One can find more details about such projects online.
