News

Germany: Geretsried project with new majority owner

Geretsried project/ drilling sites, Germany (source: Geretsried.de)
Alexander Richter 18 Dec 2009

Hörmann Energie & Umwelt GmbH, has taken over 90% of the geothermal project company Enex Power Germany GmbH and its project in Geretsried. 10% of the equity is still held by Geysir Europe GmbH, a company jointly owned by Daldrup & Söhne AG and the Icelandic Geysir Green Energy ehf.

According to a recent release from Germany, “Hörmann Energie & Umwelt GmbH, a daughter company of the Hörmann Group of Companies from Kirchseeon has taken over 90% of the geothermal project company Enex Power Germany GmbH. 10% of the equity is still held by Geysir Europe GmbH, a company jointly owned by Daldrup & Söhne AG and the Icelandic Geysir Green Energy ehf. No details about a purchase price were given.

About EUR70 million will be invested by both companies in the next 2 years. The project site close to the city of Geretsried is located on the concession area Wolfratshausen. The site has been developed by Enex Power Germany, a 100% daughter company of Geysir Europe.

About EUR8 million have already been invested in the project, among other things for the construction of the drilling pad in Gelting. The project expects to start drilling in June 2010. The company plans to drill three wells of about 5,000 meters, with an expectation of 170 litres/second volume and a temperature of 127 degrees Celsius. The thermal output is expected to be around 50 MW, while the binary power plant (either Kalina or ORC) will provide a capacity of 5 MW. It is expected that the plant will also provide district heating to the neighboring community.

From December 2009 until March 2010, Exorka – as well a daughter company of Geysir Europe – will run a 3D seismic campaign. The aim is to collect enough data to plan the drilling campaign. A company of the Hörmann Group AIC is currently planning the construction for the power and heating transmission network.

The investors of Hörmann and Geysir Europe are confident and consider their project to provide a strong potential for the energy supply of the region.

It is expected that the drilling will be finalized in 2011 and that the power plant will go online in 2012.”

Source: Company release via PR Inside (in German)