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Tuesday, November 29, 2022

The City of Karlovac receives financial EU support for investments in geothermal potentials

The financing of the project ‘Geothermal Energy Utilization Potential in the city of Karlovac – GEO4Ka9’ within the framework of the program Horizon 2020, from the European City Facility (EUCF) has been endorsed for the city of Karlovac.

The initiative was launched as support to units of local self-government in the preparation of investment documents linked to investments in sustainable energy – offering expert and financial support to cities in the preparation of required analyses (for example, legal, economic, market…) as well as feasibility studies and assisting in the organization and coordination in processes of drawing up investment concepts (IC). To that end, a grant of 60.000 EUR was provided as well as continual expert support to every selected applicant. In addition to financial and expert assistance, through EUCF the included local self-government units will strengthen their own capacities for preparing similar investment substrates and establish useful contacts with colleagues from other cities and representatives of the financial sector.

The project of the city of Karlovac was selected in competition with 75 other project proposals from 11 European countries. With the received 60.000 EUR grant the elaboration of an IC, Feasibility Study, Business Plan, and Project Implementation Plan will be financed. The elaboration of these documents will open to the City numerous doors for continued investments in geothermal sources in the city area and all these documents are required for application in subsequent project proposals for EU competitions. The timeframe of the project is from 17 February 2021 to 17 February 2022, as reported on the website of the City of Karlovac.

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