Daldrup considering acquisition of stake in Landau project
Geothermal power plant in Landau, Germany (source: flickr/ webguy63, creative commons)
Alexander Richter
17 Jul 2013
A consortium of Daldrup & Söhne, Geysir Europe and Exorka is considering the acquisition of a 50% stake in geo X Gmbh, the operator of the Landau geothermal power plant in Germany.
German drilling and soon-to-be geothermal utility Daldrup & Söhne is exploring the option to join the geothermal power plant company geo X GmbH. The company developed and operates the geothermal power plant in Landau, Germany,
Following the announced exit of one major shareholder, this might be a new lifeline for the Landau geothermal power plant.
Together with Daldrup, Exorka GmbH and Geysir Europe are exploring if they enter as third shareholder in geo X GmbH. This could be done by acquiring a 50% stake in the company from EnergieSuedwest AG, who recently announced not supporting the project anymore.
Geysir Europe, formerly an Icelandic-German joint venture, has a strong competence in financing, development and the operation of geothermal power plants, as well as for drilling of geothermal wells, that can be done together with Daldrup.
This summer a due diligence process will determine if the consortium around Daldrup will enter the project and acquire the stake of EnergieSuedwest.
On July 12, 2013, the management of geo X GmbH was newly strengthened. Curd Bems, managing director of Geysir Europe GmbH and CFO of Daldrup & Söhne will join Dr. Jörg Baumgaertner, owner and managing director of BESTEC GmbH, as managing director for geo X GmbH.
Source: Daldrup
