New Zealand allocates $50 million to support geothermal projects
Whakatane harbourside, New Zealand (source: Chris Thompson, CC BY 2.0 
Carlo Cariaga
19 Mar 2026
Three geothermal projects in New Zealand will be receiving funding support in the form of loans and a grant from the Regional Infrastructure Fund.
The Government of New Zealand has ringfenced $50 million from the Regional Infrastructure Fund (RIF) to help cover the upfront costs of geothermal project development. Three projects have so far been successful in seeking funding, totaling $23 million.
“Early-stage geothermal exploration involves high upfront costs. Targeted government investment will help de-risk exploration and get more projects off the ground,” said Regional Development and Resources Minister Shane Jones during the announcement of the funding.
“Given the scale of opportunity, it makes sense to ringfence $50m to help de-risk and ensure geothermal projects are well-positioned to lift productivity and strengthen regional resilience.”
Eastland Generation
Eastland Generation will be receiving up to $20 million in suspensory loan funding for its Taumanu and Kopura geothermal projects. These have the potential to be developed into small to medium-sized geothermal power stations. These projects will undertake early exploration and drilling to assess their potential for future power generation.
“On behalf of everyone involved in these projects, we would like to thank the Regional Infrastructure Fund for their visionary support and funding,” said Eastland Generation Chief Executive Officer Alice Pettigrew.
“With a $10 million loan available for each project, we can now progress with assessing the geothermal resource available at the sites. This will include underground surveys, exploration well drilling and testing.”
Eastland Generation had just recently completed the 49-MW TOPP2 geothermal power plant on the Kawerau Geothermal Reservoir, with grid synchronization announced in December 2025. The company maintains a partnership approach to development, collaborating with local Maori land trusts and other landowners.
The University of Auckland
Another $3 million grant will go to the University of Auckland through the Geothermal Institute for the Whakatane Geothermal Temperature Gradient Well Programme. The project will involve the drilling of three exploratory wells in Whakatane to collect data and de-risk any development for geothermal heat supply in the eastern Bay of Plenty.
Source: Beehive, The University of Auckland, and Eastland Generation through direct correspondence
