The plant would consist of two bore holes drilled to a depth of up to 4km, and the heat from rocks at that depth would be used to turn water into steam, which would power binary turbines, generating electricity.
Plans for the plant were unveiled by EGS Energy and the Eden Project.
Commenting on the geothermal plant, Roy Baria, EGS Energy's technical director, said: "The geology in the vicinity of the Eden Project [is] ideal for creating our power plant and its reservoir.
"We would not only expect to be able to supply virtually all of the Eden Project's power and heat requirements, but generate power that could be fed into the grid."
The Eden Project was part-opened to the public in 2000 and the whole facility was turned into a public attraction the following year.
Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.