Geothermal Gruenwald buys stake in Geothermal Unterhaching
The Municipality of Grünwald through its local utility buys a 50% stake in Geothermie Unterhaching, a combined geothermal heat and power operation in Germany.
Announced last week, Erdwaerme Gruenwald (Geothermal Gruenwald) has acquired a 50 percent stake in Geothermie Unterhaching.
This strengthens the cooperation between the municipalities of Unterhaching and Gruenwald. In April 2013, both signed a supply contract for geothermal district heating under which they both sell to each other oversupply of heat and power.
Geothermie Unterhaching is well known for being one of the first geothermal plants in Germany, providing both geothermal heat and power to the community of Unterhaching.
The acquisition now is valued at EUR 23.5 million ($32.3 million). The result of the acquisition means a restructuring of the company, but this is mostly due to legal constraints.
This deal shows the great value geothermal provides two these two communities and essentially how the long-term view of the municipality of Unterhaching is paying off for its population. Green heating at good and competitive prices for its citizens clearly has been a good value proposition and creation.
The Unterhaching geothermal plant has a power generation capacity of 3.4 MW electric and a thermal output of max. 38 MW. Production temperature is at about 122 degrees Celsius. The power plant section utilises a Kalina Cycle binary solution.