Magma Energy Corp says it is looking forward to a long term development business in Italy after being awarded two geothermal concessions in the country.
The Italian subsidiary of Magma Energy, a geothermal energy company, has won the rights to two geothermal exploration concessions in western Tuscany. The two concessions – known as PR Mensano and PR Roccastrada – are located in a globally renowned geothermal power production region, says Magma.
“Magma is very pleased to have won these concessions,” said Dr Catherine Hickson, Magma’s vice president of Exploration and chief geologist. “This is one of the world’s largest geothermal power regions and we are confident there is abundant potential for the discovery of additional resources.”
The Tuscany region currently has 32 operating geothermal power plants with a combined capacity of 790 MW. Both Mensano and Roccastrada exhibit the area’s typical sedimentary and metamorphic rock formations and overlie a large inferred heat source that powers the major regional geothermal system.
Magma is also attracted to the Italian market because of the country’s strong renewable energy incentives, said Hickson. “Italy also has excellent incentives in place for green energy, with power prices as high as €180/MWh, and I look forward to these concessions forming the basis for a successful long term geothermal exploration and development business for Magma in Tuscany,” said Hickson.
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