A bill to promote the mapping and development of United States geothermal resources by establishing a direct loan program for high risk geothermal exploration wells.

Summary: Geothermal Exploration Act of 2010 - Requires the Secretary of Energy (Secretary) to: (1) establish a direct loan program for high risk geothermal exploration wells; (2) give preference to loan applicants to carry out projects for previously unexplored, underexplored, or unproven geothermal resources in a variety of geologic and geographic settings; (3) determine the cost shares for such loans, which may provide for higher federal shares for projects with higher risks; and (4) determine the number of wells for each selected geothermal project for which a loan may be made.

Requires data from all exploratory wells that are carried out under the program to be provided to the Secretary and the Secretary of the Interior for mapping national geothermal resources and other uses, including subsurface geologic data, metadata, borehole temperature data, and inclusion in the National Geothermal Data System of the Department of Energy (DOE).

Sets forth loan repayment and term provisions. Authorizes the Secretary to grant delays or dispense with a repayment obligation on a demonstration that a selected geothermal project is unproductive.

Establishes in the Treasury the Geothermal Investment Fund to be administered by the Secretary to carry out this Act.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Geothermal Exploration Act of 
2010''.

SEC. 2. GEOTHERMAL EXPLORATORY DRILLING LOAN PROGRAM.

    (a) Definitions.--In this section:
            (1) Fund.--The term ``Fund'' means the Geothermal 
        Investment Fund established under subsection (h).
            (2) Program.--The term ``program'' means the direct loan 
        program for high risk geothermal exploration wells established 
        under this section.
            (3) Secretary.--The term ``Secretary'' means the Secretary 
        of Energy.
    (b) Establishment.--The Secretary shall establish a direct loan 
program for high risk geothermal exploration wells.
    (c) Applications.--An applicant that seeks to receive a loan under 
the program may submit to the Secretary an application for the loan at 
such time, in such form, and containing such information as the 
Secretary may prescribe.
    (d) Project Criteria.--
            (1) In general.--In selecting applicants for loans under 
        this section to carry out projects under the program, the 
        Secretary shall consider--
                    (A) the potential for unproven geothermal resources 
                that would be explored and developed under a project;
                    (B) the expertise and experience of an applicant in 
                developing geothermal resources; and
                    (C) the importance of the project in meeting the 
                goals of the Department of Energy.
            (2) Preference.--In selecting applicants for loans under 
        this section to carry out projects under the program, the 
        Secretary shall provide a preference for previously unexplored, 
        underexplored, or unproven geothermal resources in a variety of 
        geologic and geographic settings.
    (e) Data Sharing.--Data from all exploratory wells that are carried 
out under the program shall be provided to the Secretary and the 
Secretary of the Interior for use in mapping national geothermal 
resources and other uses, including--
            (1) subsurface geologic data;
            (2) metadata;
            (3) borehole temperature data; and
            (4) inclusion in the National Geothermal Data System of the 
        Department of Energy.
    (f) Administration.--
            (1) Cost share.--
                    (A) In general.--The Secretary shall determine the 
                cost share for a loan made under this section.
                    (B) Higher risks.--The Secretary may base the cost 
                share percentage for loans made under this section on a 
                sliding scale, with higher Federal shares awarded to 
                projects with higher risks.
            (2) Number of wells.--The Secretary shall determine the 
        number of wells for each selected geothermal project for which 
        a loan may be made under this section.
            (3) Unproductive projects.--The Secretary may grant further 
        delays or dispense with the repayment obligation on a 
        demonstration that a selected geothermal project is 
        unproductive.
    (g) Loan Repayment.--
            (1) Commencement.--The recipient of a loan made under this 
        section for a geothermal facility shall commence repayment of 
        the loan beginning on the earlier of--
                    (A) the date that is 4 years after the date the 
                loan is made; or
                    (B) the date on which the geothermal facility 
                enters into commercial production.
            (2) Term.--
                    (A) In general.--Except as provided in subparagraph 
                (B), the term of a loan made under this section shall 
                be 4 years beginning on the applicable loan repayment 
                commencement date under paragraph (1).
                    (B) Extension.--The Secretary may extend the term 
                of a loan under this section for not more than 4 years.
            (3) Use of loan repayments.--Amounts repaid on loans made 
        under this section shall be deposited in the Fund.
    (h) Geothermal Investment Fund.--
            (1) Establishment of fund.--There is established in the 
        Treasury of the United States a fund to be known as the 
        ``Geothermal Investment Fund'', to be administered by the 
        Secretary, to be available without fiscal year limitation and 
        not subject to appropriation, to carry out this section.
            (2) Transfers to fund.--The Fund shall consist of such 
        amounts as are appropriated to the Fund under subsection (j).
            (3) Prohibition.--Amounts in the Fund may not be made 
        available for any purpose other than a purpose described in 
        paragraph (1).
            (4) Annual reports.--
                    (A) In general.--Not later than 60 days after the 
                end of each fiscal year beginning with fiscal year 
                2011, the Secretary of Energy shall submit to the the 
                Committee on Energy and Natural Resources of the Senate 
                and the Committee on Energy and Commerce of the House 
                of Representatives a report on the operation of the 
                Fund during the fiscal year.
                    (B) Contents.--Each report shall include, for the 
                fiscal year covered by the report, the following:
                            (i) A statement of the amounts deposited 
                        into the Fund.
                            (ii) A description of the expenditures made 
                        from the Fund for the fiscal year, including 
                        the purpose of the expenditures.
                            (iii) Recommendations for additional 
                        authorities to fulfill the purpose of the Fund.
                            (iv) A statement of the balance remaining 
                        in the Fund at the end of the fiscal year.
    (i) Guidelines.--Not later than 180 days after the date of 
enactment of this Act, the Secretary shall develop guidelines for the 
implementation of the program.
    (j) Authorization of Appropriations.--There are authorized to be 
appropriated to carry out this section such sums as are necessary for 
each of fiscal years 2011 through 2020.