EIG's geothermal fund backs Power Planet in debut deal
What's the deal? EIGDealroom has a profile for this one. Try Dealroom →'s Geothermal Catalyst PartnersDealroom has a profile for this one. Try Dealroom → fund has made its first investment, backing Power PlanetDealroom has a profile for this one. Try Dealroom →, a US geothermal developer building enhanced geothermal system (EGS) projects. The capital supports Power Planet's lead effort, the Star Peak EGS Project, and its wider portfolio.
Why Star Peak? The project sits on the Star Peak geothermal field, giving it existing infrastructure, available interconnection capacity, and subsurface data. EIG expects those advantages to support a phased build and speed the path to commercial-scale generation.
What's the endgame? The fund targets high-quality geothermal projects at key development stages, aiming to help sponsors clear technical and commercial risks. It also seeks to draw more institutional money into the sector while pursuing what EIG calls "attractive, risk-adjusted returns."
Power Planet expects to begin delivering EGS electricity in 2027 or 2028. "EIG's partnership has been instrumental in accelerating the project and attracting additional capital," said chief executive officer Keith Elliott.
Why now? EIG argues geothermal can supply firm, reliable, low-carbon power as electricity demand climbs. "The Fund's inaugural investment is an important milestone and reflects the opportunity we see to support next-generation geothermal development in the United States," said EIG president Andrew Ellenbogen.
The signal: A dedicated geothermal fund putting its first dollars into an EGS developer points to growing institutional appetite for next-generation geothermal — a bet that the technology can become a bankable source of round-the-clock clean power.
Read more: AP News · Business Wire
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