Petratherm explores and develops geothermal energy. The company has undertaken different geothermal projects including the Canary Islands, Spain project. The company has obtained a license to explore geothermal energy in the Tenerife volcanic island of the Canary Islands group. At present, the company holds three geothermal exploration licenses on the Tenerife Island. Due to its volcanic characteristics, the island is suitable for using conventional geothermal technology.
The population of the Tenerife Island reaches more than 1.5 million during the peak tourist season. The demand for power increases to more than 800 megawatts during this time. The company’s Tenerife project gives a good opportunity to develop conventional geothermal energy for the tourism market. The project involves less technical project risks and lower costs. It is due to three factors, namely, readily available technology with experience, license over a location with suitable geology, and naturally formed reservoirs.
The selected place has a high temperature of more than 250 degrees Celsius within the reach of two kilometers deep. Petratherm has collaboration with Institute of Renewable Energy Technologies of the Tenerife Government. The institute will monitor the Island’s volcanic activity. The global geothermal consultant, Sinclair Knight Merz, is also involved in the project by providing assistance to the company. The geochemical and geophysical characteristics of the place indicate that a high temperature hydrothermal cell is possible at a depth of 2,000 meters approximately.