Wednesday, May 9, 2018

Germany: Tests Indicate Bavarian Geothermal Power Project is Not Viable

Taaleri records a loss of about EUR 2.5 million from a German geothermal project (News Release)

Finnish company Taaleri Investments Ltd, part of the Taaleri Group, acquired the majority shareholding in Erdwärme Oberland GmbH (86.42% of shares and votes) from the Italian energy-company Enel on March 12, 2018. Taaleri Investments Ltd.’s purpose is to invest in electricity and district heating projects which are utilizing geothermal energy production located in the federal state of Bavaria in Germany. Erdwärme Oberland GmbH controls one of the projects.

Unfortunately, the tests on the first geothermal production site at the Weilheim project in Upper Bavaria, have proven that the project on the site in question is not commercially viable and, Taaleri Investments Ltd records hence a loss of approximately EUR 2.5 million, visible in Taaleri Groups half year results 2018.

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