Buena Vista Geothermal Project Receives $1 Million in Funding from Icelandic Investors and Colorado Energy Office
Local geothermal developers Hank Held and Fred Henderson, the duo behind the Mt. Princeton Geothermal project, have secured $1 million in funding to move forward with their geothermal energy exploration near Buena Vista. The funding comes from Icelandic investors and the Colorado State Energy Office, with $500,000 being matched by Western Geothermal to advance their testing efforts.
The funding will allow Held and Henderson to drill two exploratory wells, reaching depths of 4,500 to 6,000 feet, in hopes of tapping into a reservoir of hot water beneath Chaffee County. If successful, the geothermal reservoir could generate up to 10 megawatts of energy, potentially leading to a massive $40 million investment in the project.
However, the developers have faced opposition from local residents, concerned about the potential impact on 900 private wells in the area, as well as risks of earthquakes, noise, and odor from a proposed geothermal plant.
