Hungarian PannErgy reports that it “has set up a joint venture with a Miskolc local council-owned district-heating company Miskolci H?szolgáltató (Miho) to build a €50 million (US$ 72 million)  geothermal (power) plant in the city, PannErgy Development Director György Horuczi told MTI on Thursday.

The JV, called Miskolci Geotermia, will drill to a depth of 2,000-2,500 meters (temperatures of 105-130 °C) to extract geothermal water, which could be harnessed to produce 170MW of heat energy. The plant would provide almost all the necessary district heating for the city of Miskolc.

The (power) plant is expected to start operations in two years.

PannErgy will cover the cost of the investment from the company’s own resources, grants and loans from European banks.”

Source: Budapest Business Journal; company announcement (in Hungarian)