Star Energy To Invest €25 Million Oil and Gas Proceeds In Geothermal Energy

Powering the Future: Star Energy Group Bold Move Towards Geothermal Energy

In a groundbreaking move towards sustainable energy, Star Energy Group (AIM: STAR) has just announced the closing of a new €25 million secured facility with Kommunalkredit Austria AG (Kommunalkredit). This financial boost marks a significant step in Star Energy's transition strategy, particularly focusing on geothermal energy while maintaining investments in conventional oil and gas businesses.

Chris Hopkinson, the CEO of Star Energy expressed his excitement, stating, "Securing this facility is an important milestone for Star Energy. It allows us to use cashflows from our existing oil and gas business to optimize near-term conventional production and deliver our transition strategy; namely developing and monetizing our geothermal business in both the UK and Croatia."

Evidently,Oil and gas companies have been going Geothermal and Today we've found a new neighbor

What makes this move stand out is Star Energy firm belief in their competitive advantages in navigating the energy transition. With a highly qualified team and a proven track record in onshore development, they possess the expertise needed for both conventional and geothermal projects. This confidence is mirrored in the unique structure of the facility provided by Kommunalkredit, highlighting their trust in Star Energy's capabilities.

The new facility is split into two components - Facility A and Facility B. Facility A will be used to repay existing debts, while Facility B will fuel Star Energy geothermal development activities. With a five-year term and tailored repayment schedules, this financing paves the way for sustainable growth and innovation in the energy sector.

Looking ahead, Star Energy is set to announce its results for the year 2023 on April 24, 2024. This will undoubtedly shed more light on their strategic vision and financial performance, further solidifying their position as a trailblazer in the energy industry.

As we stand on the brink of a renewable energy revolution Star Energy bold move towards geothermal power serves as an inspiring example of how companies can proactively address climate change while ensuring financial viability. With their eyes set on a greener future, Star Energy is not just powering homes – they're powering change.

Stay tuned as Star Energy continues to illuminate the path towards a sustainable tomorrow.

Star Energy Group recent financial maneuverings mark a significant shift towards sustainable energy solutions. As they harness the Earth's natural heat to power the future, they exemplify the crucial role that innovation and strategic planning play in combating climate change. With the support of forward-thinking investors and a dedicated team, Star Energy is poised to lead the charge towards a greener, cleaner world. Keep watching this space as they continue to redefine the energy landscape one geothermal well at a time.

Within a period of one month two oil and gas giants have set foot in Geothermal this one being the former , Full steam ahead

Source:Euro Land Press Release

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