A milestone towards the energy transition

On November 16th, 2020, the Prince's Government signed a concession agreement for two ocean thermal energy loops in the Larvotto and Condamine districts, in order to reduce by 80% the greenhouse gas emissions issued by the buildings there, by equipping them with heat pumps.

This decision is part of the Principality's policy to reduce by 50% its CO2 emissions until 2030, especially by banning the use of fuel oil for the production of heat and domestic hot water from January 1st, 2022.

This thermal process is indeed a process by which energy, hot or cold, is produced by using the calories from the sea to produce domestic hot water, heat and air-conditioning. The calories extracted are then injected into heat pumps that work with an electrical power supply. Electricity can also be produced using renewable resources such as photovoltaic panels.

These last two loops cover a connectable area of 200,000 sqm, or nearly 7% of the total useful floor space of buildings in Monaco, the three-quarters being in the Larvotto district. Following the first major phase of work on a local production of around 35 GWh of decarbonated energy, Monaco will be able to save 6,025 tons of CO2 and to provide 3,500 accommodations.

Monaco was one of the first countries to develop this type of energy on its coastline by installing its first seawater heat pump in 1963 at the Rainier III Outdoor Swimming Stadium to heat the pool water, which was later extended to the entire Fontvieille district.

The Valeri Agency team is at your disposal to help you find accommodation benefiting from this Monegasque know-how at the service of the country's energy transition.