1. Chubu Electric Power Co., Inc. is working with Eavor Technologies Inc. to develop the Geretsried Geothermal Project in Germany.
2. The project secured around €130 million in project financing from various financial institutions.
3. The project will use Eavor-Loop Technology to extract underground heat for electricity and district heat, with operations expected to begin in 2024.
Chubu Electric Power Co., Inc. is collaborating with Eavor Technologies Inc. to develop the Geretsried Geothermal Project in Bavaria, Germany. The project aims to supply electricity and district heat through Eavor Erdwärme Geretsried GmbH. A loan agreement totaling around €130 million has been secured with financial institutions such as Japan Bank for International Cooperation and European Investment Bank. The project will utilize Eavor-Loop Technology to extract underground heat for power generation and district heating. Construction has begun, with the first loop drilling started in July 2023 and partial operations expected by 2024. The project is considered an innovative technology for achieving carbon neutrality and will receive a €91.6 million grant from the EU Innovation Fund. For more updates on the renewable energy industry, the latest issue of Energy Global magazine covers topics such as battery storage, renewables in Europe, electrical infrastructure, turbine monitoring, and more. Full details can be found online at the provided link.