GT Energy, an EON SE-backed Irish geothermal developer, expects to complete a fundraising for a plant to heat homes in northwest England in coming weeks.
It’s raising about 2.6 million pounds ($4 million), partly for a 17 million pound facility in Manchester being developed with EON, Managing Director Padraig Hanly said by e-mail. The project will be 50:50 funded with debt and equity, he said.
Planning consent for the Manchester plant, with thermal capacity of about 10 MW, is expected to be decided in April, Hanly said. GT received “very positive” feedback from local residents, and construction should start early next year and full operations in the middle of 2015, he said.
GT is talking with local councils showing “significant” interest in geothermal in the U.K., Hanly said. The Manchester site is part of the deal with EON that GT signed to deliver as much as 140 million pounds of U.K. geothermal projects.
