Nordic real estate investor NREP has teamed up with cleantech startup QHeat to create a sustainable housing development in Espoo, Finland.
The 700-home project, called Nittykumpu, will be use three 1,500 metre-deep geothermal wells to provide “almost emission-free” heating. The QHeat system also contributes towards the energy circular economy by drawing down heat during the summer and storing it in the well for later use.
NREP, which as €12.5 billion ($13.75 billion) of assets under management, has worked with QHeat previously for a logistics development, however this project will be a first for the residential sector and the firm believes it can showcase the viability of geothermal systems for developments in urban locations in other markets.
Petri Valkama, partner at NREP, said: "Our 2028 carbon neutrality target is accompanied by a pledge to help identify the most innovative technologies. As we have done here, our aim is to them pilot these solutions at scale, paving the way for wider industry adoption.
“It can be difficult for individual consumers to access clean energy solutions, so we are delighted to provide residents at Niittykumpu with a means of benefitting from renewable geothermal energy and to effortlessly live their daily lives sustainably.”