Pannergy draws $22m loan for district heating project
View over Budapest, Hungary (source: flickr/ Rodefeld, creative commons)
Francisco Rojas
13 Nov 2014
PannErgy stated yesterday that two of its units withdrew a total of of €18 ml to finance a project near Gy?r in northwestern Hungary.
A brief local news piece details that Hungary-based geothermal energy company PannErgy announced yesterday that two of its units withdrew a total of €18 mln (USD $22 m) in loans from the Hungarian Export-Import Bank to finance a project near Gy?r in northwestern Hungary.
PannErgy began drilling thermal wells in Pér located on the outskirts of the city of Gy?r, in June. The heat generated from the wells is expected to supply the city of Gy?r as well as German car manufacturer Audi’s nearby plant. PannErgy was awarded a €1 bln European Union and state grant for the project.
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Source: Budapest Business Journal
