Canada's geothermal lagoon project receives $1B in funding for solar villages
On Monday, geoLagoon, the Quebec company behind the world’s largest geothermal and solar lagoon, announced the signing of terms with a UK-based project finance specialist.
According to a press release shared with Daily Hive, the $1 billion investment will accelerate the delivery of the world’s first self-sufficient water and circular energy village by “integrating an infinite exchange of energy between solar, geothermal, biomass and heat accumulator, with a vast lagoon-pool.”‘
The new terms allow for the financing of $175 to $250 million for the construction and development of each of the four eco-villages located in the Laurentians, Charlevoix, Eastern Townships and Lanaudiere regions of Quebec.
“The solar race is on and our geoLAGOON technology caught the world’s attention last autumn,” Louis Massicotte, designer and owner of the geoLagoon villages, told Daily Hive. “With this kind of funding, I believe we can create the world’s first circular energy self-sufficient village before Elon Musk’s in Austin, Texas with his SunHouse project.”
GeoLagoon has also announced that they are partnering up with Mitrex, the world’s largest manufacturer of sustainable facades, for the construction process. The exterior walls of each home in the village will be covered with high-performance building materials that integrate photovoltaic solar panels (BIPV) without compromising the design.
Massicotte says that implementing this will help him produce “five times the amount of electricity the lagoon needs to operate.”
The expectation for Massicotte and his team is that the four geoLagoon eco-villages, self-sufficient in both water and renewable energy, will help address global water and energy issues with the potential to provide many of the world regions with access to clean, low-cost energy, as well as adding a network of net zero tourism infrastructure.
While over 1,200 factory-built and energy-efficient chalets will be sold to buyers for occupancy or renting, the 38°C lagoon pool will operate year-round as a tourist attraction.
In total, Massicotte estimates that the sites will be suited to host more than 3,000 people in purchasable chalets (functioning year-round), giant spas, and restaurants.
He foresees the first geoLagoon resorts opening by January of 2025.
For more information on the project, you can visit the official geoLagoon website.