The project company has now entered into a loan agreement for the project financing totalling at around €130 million with Japan Bank for International Cooperation, the European Investment Bank, ING Bank N.V., Tokyo Branch, and Mizuho Bank, Ltd. The financing portion of the commercial banks will be insured by Nippon Export and Investment Insurance.

This project will use the Eavor-Loop Technology to drill four closed loops approximately 4500 – 5000 m deep underground, circulating water in the closed loop to efficiently extract underground heat for electric power generated using an organic rankine cycle (ORC) system, and for district heat supply. The construction activities have commenced and drilling of the first loop has started in July 2023, with partial commercial operations expected in 2024.

This project is recognised as an innovative technology to achieve the transition to carbon neutrality and will receive €91.6 million grant from the EU Innovation Fund.