EAVOR LOOP (IEU GT) (EIB-20230481)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Germany
Geographic location where the impacts of the investment may be experienced.
Specific Location
Geretsried
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • European Investment Bank (EIB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Nov 15, 2023
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Eavor Erdwärme Geretsried GmbH
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 81.41 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 75
Converted using 2023-11-15 exchange rate.
Loan Amount (USD)
$ 81.41 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 75 million
Converted using 2023-11-15 exchange rate.
Project Cost (USD)
$ 383.17 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 353 million
Converted using 2023-11-15 exchange rate.
Primary Source

Original disclosure @ EIB website

Updated in EWS Jan 5, 2024

Disclosed by Bank Nov 15, 2023

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the EIB, 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.

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.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by Bloomberg, Eavor Technologies Inc. provides renewable energy equipment. The Company offers geothermal power generation technology for drilling techniques. Eavor Technologies serves clients in Canada and the United Kingdom.

As stated on the company's website, Eavor Erdwärme Geretsried GmbH is a project company of Eavor GmbH, Düsseldorf, and is part of Eavor Technologies Inc. based in Calgary, Canada. Eavor Erdwärme Geretsried GmbH is dedicated to the design, construction, and operation of the Eavor-Loop™ for renewable energy production in the community of Geretsried.

Eavor Technologies Inc. was founded in 2017 by specialists in the Canadian energy industry. Cutting-edge patents in drilling technology and well sealing make the innovative closed-loop system of the Eavor-Loop™ technically possible.

The functional science behind the Eavor-LoopTM technology has been continuously tested and validated over the last four years through the Eavor-LiteTM demonstration project operating near Rocky Mountain House in Alberta, Canada.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
Eavor GmbH Parent Company Energy owns Eavor Erdwärme Geretsried GmbH Client Energy
Eavor Technologies Inc. Parent Company Energy owns Eavor GmbH Subsidiary Energy

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

No project contacts provided at the time of disclosure.

Client - Eavor Erdwärme Geretsried GmbH:

Addresses -
Parent Company: Peter-Müller-Straße 14, 40468 Düsseldorf, Germany
Construction site: Herrnhauser Str. 75, 82538 Geretsried
Phone -
Parent Company: +49 211 169 759 13
Construction site: +49 1520 957 65 54
Website -
Parent Company: https://eavor.de/ / https://www.eavor.com/ 
Construction site: https://eavor-geretsried.de/en/

ACCESS TO INFORMATION

You can submit an information request for project information at: https://www.eib.org/en/infocentre/registers/request-form/request-form-default.htm

ACCOUNTABILITY MECHANISM OF EIB

The EIB Complaints Mechanism is designed to facilitate and handle complaints against the EIB by individuals, organizations or corporations affected by EIB activities. When exercising the right to lodge a complaint against the EIB, any member of the public has access to a two-tier procedure, one internal - the Complaints Mechanism Office - and one external - the European Ombudsman. A complaint can be lodged via a written communication addressed to the Secretary General of the EIB, via email to the dedicated email address: complaints@eib.org, by completing the online complaint form available at the following address: http://www.eib.org/complaints/form via fax or delivered directly to the EIB Complaints Mechanism Division, any EIB local representation office or any EIB staff. For further details, check: http://www.eib.org/attachments/strategies/complaints_mechanism_policy_en.pdf

When dissatisfied with a complaint to the EIB Complaints Mechanism, citizens can then turn towards the European Ombudsman. A memorandum of Understanding has been signed between the EIB and the European Ombudsman establishes that citizens (even outside of the EU if the Ombudsman finds their complaint justified) can turn towards the Ombudsman on issues related to 'maladministration' by the EIB. Note that before going to the Ombudsman, an attempt must be made to resolve the case by contacting the EIB. In addition, the complaint must be made within two years of the date when the facts on which your complaint is based became known to you. You can write to the Ombudsman in any of the languages of the European Union. Additional details, including filing requirements and complaint forms, are available at: http://www.ombudsman.europa.eu/atyourservice/interactiveguide.faces

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