Daldrup & Söhne increases stake in Landau geothermal plant holding now 67%

Geothermal power plant in Landau, Germany (source: flickr/ webguy63, creative commons)
Alexander Richter 5 Feb 2018

Daldrup & Söhne AG has concluded a settlement agreement with Pfalzwerke AG, which increases the stake of the company in the Landau geothermal power plant in Germany to 67% at group level.

In a release today, German geothermal drilling and energy company Daldrup & Söhne AG announces that with its 75.01 % subsidiary, Geysir Europe GmbH, it has concluded a comprehensive settlement agreement with Pfalzwerke AG, Ludwigshafen.

Geysir Europe now holds 90% of the shares in the power plant and operator company geox GmbH (previously: 40 %). In the group financial statements of Daldrup & Söhne AG, the power plant will be fully consolidated for the financial year 2017. The remaining 10 % of the shares in EnergieSüdwest AG, Landau, remain unchanged. At group level, Daldrup & Söhne AG now holds 67.51 % (previously: 30.0 %) of the shares in the geothermal power plant in Landau.

The conclusion of the settlement agreement is in line with our strategy and thus a further milestone in the further development of the Daldrup Group into a medium-sized independent power producer.

Source: Company release via DGAP