Daldrup & Söhne AG acquires majority in Landau power plant
German drilling and energy company Daldrup & Söhne AG buys a 50 percent stake in the Landau geothermal power plant operation, increasing its overall ownership to 90 percent.
Announced in a press release today, the German energy and drilling company Daldrup & Söhne AG has now acquired the 50 percent stake in the geothermal power plant of Landau held by Pfalzwerke, a local utility.
Daldrup now holds 90 percent in the operating company geox.
This is the first time that an operating geothermal plant sees an ownership change. Through its daughter Geysir Europe, Daldrup will take over the stake from Pfalzwerke on January 1, 2014. Earlier this year Geysir bought 40 percent from Energie-Suedwest, a daughter company of the city of Landau.
The remaining 10 percent remain in the possession of Energie-Suedwest.
The geothermal plant plans to drill a third well in 2014, to secure operation and improve the economics of the plant. With the third well and additional optimization efforts, Daldrup hopes to increase output of the plant by 40 to 50 percent in the next few years. For 2014, the operator plans to produce 14,000 MWh in electricity and 7,000 MWh in heat.
Daldrup is also directly involved in the Taufkirchen project in Bavaria, Germany that hopes to start operation in 2015.