The Ministry of Energy has launched a new tender for deep drilling projects aimed at utilizing geothermal energy.
The tender, with a total budget of HUF 29 billion (just over EUR 75 million) under the Jedlik Energy Program, offers state subsidies and interest-free loans. In the Carpathian Basin, the Earth’s crust is only about half as thick as it is on average in Europe, which guarantees higher temperatures inside the Earth. However, developing these resources involves significant financial risks. The program will therefore provide interest-free loans of HUF 1–6 billion (EUR 2.5–15.5 million) per project for deep drilling, while smaller drilling projects can receive funding starting from HUF 100 million (EUR 258,000).
The program will run until the end of 2029, with less developed regions receiving priority in the allocation of funds. Grants will be awarded for projects ranging from HUF 40 million (EUR 103,000) up to HUF 1 billion (EUR 2.5 million).