– WFW advised Eavor Erdwaerme Geretsried GmbH on a €350 million investment for a geothermal project in Germany
– Investment includes equity, a loan from EIB, a grant from EU Innovation Fund, and loans from a consortium
– Eavor’s Eavor-Loop technology is a scalable form of clean heat and power production using geothermal energy from underground rock
Watson Farley & Williams (WFW) advised Eavor Erdwaerme Geretsried GmbH on a €350 million investment to build a commercial-scale geothermal project in Geretsried, Bavaria, Germany. The investment includes equity, a loan from the European Investment Bank, a grant from the EU Innovation Fund, and loans from various financial institutions, including Japan Bank for International Cooperation and ING Bank N.V.
The project will supply heat to homes and businesses and generate electricity using geothermal heat. Eavor’s patented Eavor-Loop technology collects heat from underground rocks instead of water or steam reservoirs, reducing greenhouse gas emissions. The technology involves vertical boreholes, lateral pipes, and loops to circulate water, eliminating the need for pumps and re-injecting fluids during operation.
The multidisciplinary WFW Germany team advised Eavor on the financing, enabling the large-scale application of their innovative energy generation technology. The team was led by Sven Fretthold and supported by other partners and associates from Hamburg and Munich. This transaction demonstrates WFW’s expertise in advising on international renewable energy projects.
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