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Hungary-based geothermal energy company PannErgy announced yesterday that two of its units withdrew a total of €18 mln in loans from the Hungarian Export-Import Bank to finance a project near Győr in northwestern Hungary.
PannErgy began drilling thermal wells in Pér located on the outskirts of the city of Győr, in June. The heat generated from the wells is expected to supply the city of Győr as well as German car manufacturer Audi's nearby plant. PannErgy was awarded a €1 bln European Union and state grant for the project.