Deep Energy Capital, Eavor team up for EUR 1bn of geothermal projects

London-based renewables investment firm Deep Energy Capital LLP will finance at least five projects, worth up to EUR 1 billion (USD 1.05bn), from the pipeline of Canadian geothermal start-up Eavor Technologies Inc, the companies said today.

The projects from Eavor’s European and North American pipeline will provide power and heat and are anticipated to take advantage of long-term feed-in-tariffs and off-take agreements as demand grows for resilient and local clean energy, according to the announcement.

The news follows the start of construction in October of Eavor's project in Geretsried, Germany, the first commercial geothermal project using the company’s Eavor-Loop technology. Its closed-loop geothermal system is described as resembling a deep underground radiator. Eavor said that in October it also unveiled a heat purchase agreement (HPA) with enercity AG to supply heat to Hanover’s district heating network.

Eavor and Deep Energy first announced a collaboration in 2021. The five projects the two are now contemplating are expected to deliver over 2,500 GWh thermal of clean energy annually for at least 30 years.

(EUR 1.0 = USD 1.053)

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