Daldrup acquires absolute majority in Taufkirchen geothermal project
German drilling and energy company Daldrup & Söhne has acquired the 35% stake of Swiss Axpo Power AG in the Taufkirchen geothermal power project company in Bavaria, Germany. This brings the total holding of Daldrup in the project to about 74%.
In a release today, German drilling and energy company Daldrup & Söhne AG announces the acquisition of 35% of the Taufkirchen geothermal power plant shareholding from Swiss utility Axpo Power AG.
Geothermie Taufkirchen GmbH & Co. KG, a company of Geysir Europe GmbH, in which the drilling technology and geothermal energy specialist Daldrup & Söhne AG holds a 75.01 percent stake, has reached an agreement with Axpo Power AG, Baden, Switzerland, under a share purchase agreement to acquire a 35% stake in the project company of the geothermal power plant GeoEnergie Taufkirchen GmbH & Co. KG in Taufkirchen, Germany with retroactive effect from 30 June 2017.
The agreement consists of several elements with extensive contractual provisions and cancellation rights, which were concluded between 15 August 2017 and 9 January 2018. As from today, all requirements and terms of the contractual agreements are fulfilled.
In addition to its own 38.61 percent stake in the project company, the Geysir Europe-Group thus acquires a further 35 percent and then holds a total of 73.61 percent of the shares in the geothermal power plant in Taufkirchen. A further 26.31 percent is still held by Gemeindewerke Oberhaching GmbH and 0.08 percent by BioEnergie Taufkirchen GmbH & Co. KG. The acquisition will result in a full consolidation of the geothermal power plant Taufkirchen in the group financial statement of Daldrup & Söhne AG. As part of the transaction, Geothermie Taufkirchen secured a loan in a lower double-digit million euro range for the financing of the share purchase.
If the Taufkirchen power plant is operated successfully, the management board expects that the geothermal power plant will contribute significantly to the group’s earnings in line with its strategy for the coming years. With the implementation of the acquisition, the Daldrup & Söhne Group now holds a total of 55.21 percent of the geothermal power plant in Taufkirchen, compared to 28.96 percent prior to the acquisition.
Source: Daldrup & Söhne AG