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EIB approves €110m credit line for PannErgy

The European Investment Bank has approved a credit line of almost €110 million for geothermal energy projects carried out by Hungary's PannErgy, PannErgy said on Friday.

The credit line, which is expected to have preferential conditions, covers PannErgy's entire long-term borrowing need as outlined in its business strategy drawn up in 2007, said PannErgy CEO Dénes Gyimóthy. “It's no secret that we have a lot of work ahead of us until the first drawdown, as we have to work out the detailed framework and system of rules of the cooperation with the EIB,” he added. PannErgy applied for the credit from the EIB in 2007. (MTI-Econews)