Donata Riedel
- EuropeanInvestmentBank
- Communication Department
- Lennéstraße 11
- D-10785 Berlin
- Germany
The European Investment Bank (EIB) is providing a loan of close to €45 million for an innovative geothermal heating project Eavor-LoopTM in the German state of Bavaria. Canada-based Eavor will implement its closed loop geothermal technology for the first time at commercial scale in the Bavarian town of Geretsried. In contrast to conventional geothermal heating, the Eavor-LoopTM technology does not capture heat from subsurface water or steam reservoirs. Instead, the company drills deeply into the earth and harvests the heat directly from underground rocks.
The European Investment Bank (EIB) is lending €400 million to municipal energy supplier Thüringer Energie AG (TEAG) to upgrade and digitise the electricity grid in Thuringia. The co-financed EIB project totalling around €600 million will upgrade and expand the grid in rural areas to meet the needs of the energy transition.
The European Investment Bank (EIB) will provide a framework loan of €100 million to Deutsche Kreditbank (DKB) to finance onshore wind and solar photovoltaic projects in Germany. Using the EIB loan, DKB will invest at least €200 million to support companies that are setting up small and medium-sized green energy projects, with investment costs of up to €50 million for the individual sub-projects.