Businesses are being invited to bid for a share of up to £13 million for geothermal energy projects in Cornwall and the Isles of Scilly.

The cash is being provided through the European-funded Cornwall and Isle of Scilly Growth Programme which will run until 2020.

It is the only region in England to qualify as ‘less developed’ as the economic performance is below 75% of the EU average, therefore receives additional funding.

The European Regional Development Fund is providing up to £10.6 million and the rest is being granted by Cornwall Council.

Developers can apply for a minimum value of £500,000 for each project.

The geothermal resource in Cornwall is said to represent a significant opportunity for renewable heat and power generation, with a study suggesting it could meet all of the county’s power demand and 20% of the UK’s demand.

Councillor Julian German, Member of the Integrated Territorial Investment (ITI) Board which is responsible for overseeing the programme said: “If accessed and exploited appropriately, this estimated level of resource could provide Cornwall with significant economic and social benefits.”

The deadline for applications is 10th June.