Wedoany.com Report-Apr. 8, The Geothermie Delft (GTD) project at Delft University of Technology (TU Delft) in the Netherlands has secured a €50 million financing deal with Rabobank and the Nederlandse Waterschapsbank. This funding will support the development of surface facilities, including a heat pump plant, for the geothermal initiative. GTD is a collaboration involving Shell Geothermal, Energie Beheer Nederland (EBN), TU Delft, and Aardyn, aimed at advancing geothermal research and energy supply.

In the photo (from left to right): Anne Geluk and Peter Borghstijn (NWB bank), Rass Butt (GTD), Lotti Klasen and Ivan Das (Rabobank)

The project serves dual purposes: it will collect data to lower risks for future geothermal efforts and provide heat to TU Delft campus buildings and homes in Delft’s Voorhof and Buitenhof areas. In late 2023, GTD completed drilling a geothermal doublet, with wells reaching the Delft Sandstone formation and accessing a 78°C geothermal resource. Core samples were gathered, and construction of the heat pump plant began shortly after.

The €50 million investment from Rabobank and the Dutch Water Board Bank highlights geothermal energy’s viability as a sustainable investment. It shows that such projects are technically sound, operationally practical, and financially attractive within standard banking frameworks. Rass Butt, Managing Director of GTD, stated: “This transaction demonstrates that renewable heat projects can fully compete with other large-scale energy investments. The confidence of institutional financiers confirms that geothermal energy is a robust solution within the energy transition.”

For the banks, this deal enhances their sustainable investment portfolios. By funding infrastructure that supports climate objectives, Rabobank and the Nederlandse Waterschapsbank reinforce their roles in the energy transition. The GTD project not only advances research but also delivers practical heating solutions, proving geothermal’s potential in urban settings like Delft.