The Geo POWER Act directs the Department of Energy to establish a new Milestone-Based Geothermal Demonstration Program to support next-generation geothermal electricity projects in regions and geologies where geothermal energy is currently underdeveloped or absent. The program will provide innovative financing (such as loans and other financial instruments) to projects that achieve specific technical and financial milestones, with priority given to projects in new regions, those on or near Indian lands, and projects with the potential to generate at least 30 megawatts of electricity or demonstrate breakthrough drilling technologies. The DOE must establish the program within 180 days, award financing to at least three different projects in at least three different states with different sponsors, and maintain adequate staffing to administer the effort. The bill authorizes whatever funding is necessary to implement the program, though no specific dollar amount is specified in the legislation.
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