Hungarian Company Signs Deal Agreement to Obtain $192 Million in Funding from Capital Corp Merchant Banking to Build Much-Needed Geothermal Energy Plant
The company will be using a drilling method called complex energy extraction from geo-plutonic resources (or CEEG), a first in the country. The EU-imposed target of 13% renewable energy-derived electricity for Hungary has spurred the increase in these types of development in green energy alternatives over the last decade, creating jobs and inviting innovation in energy development.
Orlando, FL (PRWEB) October 27, 2012
Capital Corp Merchant Banking has entered into a deal agreement with the Hungarian company to provide it with the funding needed, totaling $192.675 million, to build and operate a geothermal energy power station, which will be the first such station in Hungary. A boon to this project is that Hungary boasts one of the largest reserves of geothermal energy in Eastern Europe.
The drilling method of complex extraction of gigantic energy from geothermal and geo-plutonic resources, or CEEG, is a way to inexpensively produce energy from the extraction of dry, high temperature geo-plutonic heat through the use of thermal heat exchangers. This is the newest technology for inclined or semi-horizontal deep drilling of highly efficient exchangers BZ-6 in a geothermal aquifer. This is also the newest technology for drilling production of boreholes to depths of 10,000 meters within 30 days; it offers highly efficient enhancement of heat transmission from a rocky massif to Geo-Plutonic heat exchangers BZ-7.
In 2008 the European Union Committee put together the '20 by 20' program, with the aim of the EU having 20% of its energy come from renewable resources by 2020. Within this plan, each country of the EU has its own individual targets that contribute to meeting this goal, and for Hungary that target is 13%. However, in its Renewable Energy Action Plan (REAP), approved in December 2010, the Hungarian Government set an even more ambitious target of 14.65%. In seeking to achieve its EU target, the Hungarian Government has evolved its incentive scheme in order to spur ongoing RES (renewable energy sources) development.
The method by which this project is to be funded is the brainchild of Mr Gilles Herard, Jr. Mr Herard is a seasoned Merchant Banker and has been in the banking industry for 38 years. He worked early in his career at the Toronto Dominion Bank (Canada) and later on joined Manufacturer Hanover (MH) of New York as Senior Credit Analyst. He eventually created his own Firm, Capital Corp Merchant Banking, where he syndicates and structures funding for top companies worldwide, all the while investing his own firm's funds into the projects. As the head of Capital Corp Merchant Banking, Mr Herard has become a leading figure in international middle-market project financing and engineers all funding structures for projects at Capital Corp. Mr Herard has received numerous awards for his work and other contributions including being appointed to the Presidential Business Commission, Honorary Co-Chairman of the Business Advisory Council, nominated as Executive of the Year by the internationally acclaimed National Register's Who's Who, and having received the Senatorial Medal of Freedom, among many others.
About Capital Corp Merchant Banking Orlando: Capital Corp Merchant Banking Orlando offers quality Merchant Banking services for a variety of projects worldwide. Capital Corp Merchant Banking has developed close working relationships with groups of Professionals: Specialists in Finance, Commercial Risks Insurance and Re-Insurance, International Accounting Firms and Law Firms, and the largest Valuation Firm in the world. Capital Corp Merchant Banking is solution-oriented and known for being the most flexible Funding Source on the Market in creating handcrafted investment structures to meet the needs of the different constituent groups in each individual transaction. Capital Corp Merchant Banking offers many services: Project Financing, Consulting, Due Diligence, Evaluation of a Business, Negotiating Services, Acquisitions, Investment Approach, and Presentation Reports as well. For further information, please visit the website.
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