Of course, it all depends on how expensive the drilling process is vs. the existing capital asset in the turbines, but maybe you could hit a price point where the repurposed geothermal plant is way cheaper than new solar / gas builds in the 2030s? This would be a transitional tailwind, just when we need it. Down the road, these plants would become more expensive because you'd also need to build new turbines/transmission lines. And at that time maybe solar or fusion is a cheaper solution (or not, who knows). But this could really help with the transition away from fossil fuels, if it was delivered next decade or two.
A question - does deep drilling like this have any downsides, as fracking does? I'm guessing it's less bad since you're not pushing pressurized fluid into the bedrock, instead you're just making a pipe that contains the water.