OMV, Wien Energie to set up geothermal energy JV

Austrian energy group OMV AG (VIE:OMV) is establishing a joint venture with local utility Wien Energie to develop deep geothermal plants of up to 200 MW, OMW said on Monday.

The two parties will jointly invest around EUR 20 million (USD 21.4m) in the plants, which are expected to supply climate-neutral district heating for up to 200,000 households in Vienna.

The joint venture, called deeep, will start with a major project in the area of Aspern, which will generate up to 20 MW of district heating, supplying up to 20,000 Viennese households. Approval procedures are currently underway and drilling is due to begin towards the end of 2024. The facility is expected to become operational in 2027.

Overall, the partners intend to jointly implement up to seven deep geothermal plants in the districts of Donaustadt and Simmering.

The projects are in line with OMV’s strategy under which the energy group plans to invest EUR 5 billion by 2030 to lower the carbon dioxide footprint of its businesses.

OMV bolstered its geothermal capabilities after investing EUR 34 million in Canadian company Eavor Technologies in June.

(EUR 1 = USD 1.07)

(CAD 1 = USD 0.730/EUR 0.682)

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