Wednesday, January 13, 2016

Germany: Enel Green Power Buys into 26 MW Geothermal Project in Bavaria

EGP enters German market (News Release)

The acquisition of a majority stake in Erdwärme Oberland will lead to the development of a geothermal project with a maximum expected capacity of 26 MW in Southern Germany

Enel Green Power has today taken its first step into the German renewable energy market with the acquisition of a 78.6% stake in Erdwärme Oberland GmbH (EO) from Erdwärme Bayern GmbH & Co., a company specialized in the development of geothermal projects in the Bavarian region. The acquisition was carried out through the issue of new shares in EO for a total consideration of 22 million euros, covering the initial investment requirements of the project.

EO has recently developed a project for the construction of a geothermal plant with a maximum expected capacity of about 26 MW. The project, located near the town of Weilheim, about 50 km south-west of Munich, will be developed under a mineral exploration concession granted by the Bavarian Ministry for Economic Affairs, Media, Energy and Technology valid for 3 years from December 2015 and in consultation with local communities. EO will begin with geological exploration activities in 2016.

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