EIB Backs Roll-Out Of Innovative Power, Geothermal Heating Project In Germany
(MENAFN- Trend News Agency) BAKU, Azerbaijan, May 4. The EuropeanInvestment bank (EIB) is financing an innovative geothermal heatingproject, Eavor-LoopTM, in Bavaria, Germany, with a loan close to 45million euros, Trend reports.
According to the bank, Eavor, based in Canada, will deploy itsclosed-loop geothermal technology for the first time at acommercial scale in the Bavarian town of Geretsried. Unliketraditional geothermal methods, Eavor-LoopTM extracts heat directlyfrom underground rocks, bypassing the need for subsurface water orsteam reservoirs.
This pioneering project, supported by a 91.6 million euro grantfrom the EU Innovation Fund, is co-financed by Japan Bank forInternational Cooperation (JBIC), ING Bank N.V. (ING), and MizuhoBank, Ltd. (Mizuho), with insurance provided by Japan's NipponExport and Investment Insurance (NEXI). It qualifies as a greenloan under the Loan Market Association's Green Loan Principles. Thecombined support from EIB, JBIC, ING, and Mizuho totals 130 millioneuros, facilitated by financial advisor Green Giraffe Advisory.
Eavor's total investment is projected at 350 million euros. TheEavor-LoopTM will supply heating to households and businesses, withan on-site power station converting geothermal heat to electricity heat delivery is scheduled for 2026, with gradual increasesthereafter. Additionally, Eavor-LoopTM is developing a secondproject in Hanover, Lower Saxony, Germany, aiming to meet 15-20percent of the district heating demand.
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