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Pannergy to supply geothermal heat to Győr

Arrabona Geotermia, a subsidiary of PannErgy has signed a contract to supply geothermal heat to the public utility and asset manager company of the city of Győr, western Hungary, Hungarian geothermal energy company Pannergy announced late yesterday.

Heating will begin late next year, and PannErgy will construct the supply system by then. PannErgy did not mention the cost of the investment, but added that it will be carried out partly with a HUF 1 bln EU grant won at a tender. PannErgy had a first-half net loss of HUF 165 mln, narrowing about two-thirds from the same period a year earlier. Sales revenue was three-and-a-half times higher at HUF 1.27 bln. PannErgy is an equities prime-category issuer on the Budapest Stock Exchange.