Chubu Electric Power Co. (“CHUBU”), in collaboration with Eavor Technologies Inc. and its German subsidiary Eavor GmbH, is developing the Geretsried geothermal project in Bavaria, Germany. This ambitious project aims to supply electricity and district heating through the project company Eavor Erdwärme Geretsried GmbH.
Financing and innovative technologies
Financing for the project, valued at around 130 million euros, involves major players such as the Japan Bank for International Cooperation, the European Investment Bank, as well as ING Bank N.V. and Mizuho Bank, Ltd. The commercial banking segment will be handled by Nippon Export and Investment Insurance. The project will use Eavor-Loop technology to drill four closed loops at a depth of 4,500 to 5,000 meters, allowing water to circulate to efficiently extract underground heat, which is then used for power generation via an ORC (Organic Rankine Cycle) system and for district heating.
Business and environmental implications
Construction work has begun and drilling of the first circuit started in July 2023, with partial commercial operation scheduled for 2024. This project is recognized as an innovative technology for the transition to carbon neutrality, and will benefit from a grant of 91.6 million euros from the EU Innovation Fund.
Future prospects and global expansion of CHUBU
By participating in this project, CHUBU is gaining valuable experience and additional knowledge in the field of geothermal energy, and is also considering the future application of Eavor-Loop technology in Japan. Through its global activities, CHUBU aims to contribute to the realization of a carbon-free society and to increase its revenues by optimally combining the fields of renewable energies, decarbonization, energy distribution, new services and pioneering activities.
The Geretsried Project represents a significant milestone not only for CHUBU and Eavor, but also for the global energy industry, demonstrating the potential of geothermal energy for clean, sustainable power.
