Geothermal Baltic is a company owned by Estonian investors representing Eavor’s technology in Estonia and other Baltic countries.
Based on the agreement, Geothermal Baltic will be constructing a geothermal test borehole on property owned by Enefit. Depending on the results of the borehole, heat production with a capacity of at least 15 MW can be supplied to the city.
Narva has the second-largest district heating network in Estonia and is currently serving 60,000 residents. Enefit supplies heat to the network at the most affordable price in Estonia – EUR 39.83 per MW. According to Margus Vals, member of the board of Enefit, the success of the pilot project will allow them to supply carbon-free district heating at a reasonable price.
“The price of geothermal heating will be very competitive even in Narva where it is currently one of the lowest in Estonia. In addition, geothermal energy is stable and its price does not depend on the sudden price increases of other types of energy,” added Kaido Korm, head of Geothermal Baltic.
“We are confident that our technology will contribute to the reduction of greenhouse gases in the atmosphere and to the improvement of the living environment,” said Eavor Executive VP Robert Winsloe. “The ecological footprint of geothermal energy is the lowest among known forms of energy production.”
