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    Reference: 20230481
    Release date: 15 November 2023

    Promoter – Financial Intermediary

    SPECIAL PURPOSE ENTITY(IES)/FUND

    Location

    Description

    The Eavor Geretsried Project is the first commercial scale implementation of an innovative closed loop geothermal technology. It aims at generating baseload combined heat and power, through heat conduction transfer between rocks in the subsurface and a wellbore-isolated cycling fluid. The project will enhance the feasibility, competitiveness and scalability of the technology, by demonstrating its application to diverse geological settings. Such technology might possibly be applied to a wider range of locations compared to conventional geothermal energy.

    Objectives

    The objective is to support the integration of geothermal heat and power in the energy system and as a baseload source of energy with the aim to reduce emissions of greenhouse gases, in line with the EU and national renewable energy targets. The project will also contribute to further innovative technologies in the energy sector and thus contribute to learning-by-doing and positive knowledge externalities.

    Sector(s)

    • Energy - Electricity, gas, steam and air conditioning supply

    Proposed EIB finance (Approximate amount)

    EUR 75 million

    Total cost (Approximate amount)

    EUR 368 million

    Environmental aspects

    Based on the technical characteristics and information provided at this stage, the project is not expected to be subject to an Environmental Impact Assessment (EIA). This will be further confirmed at appraisal.

    Procurement

    The promoter, as a private undertaking operating in the utility sector, shall be subject to the applicable EU procurement legislation (Directive 2014/23/EU / 2014/24/EU / 2014/25/EU where applicable as well as Directive 92/13/EEC or Directive 89/665/EEC) as interpreted by the Court of Justice of the EU, with publication of tender notices in the EU Official Journal (OJEU), as and where required, unless the project concession was obtained through open competition or the offtake contracts allow for specific exemptions. This will be further verified by the Bank at appraisal.

    Status

    Approved - 15/11/2023

    Milestone
    Under appraisal
    Approved
    15 November 2023

    Disclaimer

    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
    They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    Related tags

    Germany Energy