Hungarian geothermal energy company PannErgy has increased its stake in Szentlőrinc Geothermal Ltd. to 100%, the company announced late on Tuesday.
PannErgy Plc has entered into an agreement with the Municipality of Szentlőrinc in relation to the acquisition of its 0.20% stake in Szentlőrinc Geothermal Ltd.
The purchase price is one million forints that the buyer will pay within two banking days. After the transaction, PannErgy Geothermal Power Plants Ltd will become the 100% owner of Szentlőrinc Geothermal Ltd.
According to the Pannergy website, since January 2011, as a result of the project – i.e. the creation of a geothermal heating system of a production and a reinjection well for 3 MW useful heat capacity – about 900 apartments in Szentlőrinc have been heated with geothermal energy, which is cheaper than gas, and does not contaminate the environment at all.
