Slovak geothermal developer enters partnership with investment group

Slovak geothermal developer enters partnership with investment group Planned geothermal plant at Presov, Slovakia (source: PW Energy)
Carlo Cariaga 13 Sep 2022

European investment group WOOD & Company has entered into a partnership as minority stakeholder in Slovak geothermal developer PW Energy.

Slovak geothermal developer PW Energy has agreed on a business partnership with the WOOD & Company Investment Group, with the latter acquiring a minority stake in the company. PW Energy views the partnership as a sign of confidence from the investment and financial group that there is significant potential for a geothermal industry in Slovakia. PW Energy had previously entered into a strategic partnership with SSE Holding.

PW Energy is currently developing two geothermal projects in Slovakia – one near Presov, and another near Ziar nad Hronom (through subsidiary PW Geoenergy). Both projects are currently at the final phases of their respective Environmental Impact Assessment (EIA). We had previously reported on the preparatory work being done for the Ziar nad Hronom project, including a feasibility study assessing the potential of direct use applications.

For each project, an installed capacity of 6.3 to 6.5 MWe is planned for the first stage. However, the potential for each location is estimated at up to 20 MWe. Completion of the first stage and start of operations is targeted for 2027.

WOOD & Company is a financial and investment group with a leading position on the Central European market. In Slovakia, in addition to the healthcare, pharmaceutical and real estate sectors, it has been active for a long time in the field of waste management and circular economy. The group declares that it takes into account not only the business, but also the environmental nature of acquisitions. In partnership with PW Energy, it emphasizes the current energy crisis and the need to find an alternative to fossil fuels.

“In times of energy crisis, making renewable energy sources available as quickly as possible is crucial. Geothermal energy is experiencing great growth all over the world, also in Slovakia it represents a permanently available alternative that can be a local and safe source producing green electricity and heat, ” said PW Energy Chairman Milan Jankura. “We are glad that in the form of WOOD & Company we have acquired an important partner with more than 30 years of experience from many successful projects.”

“Due to climate change, the whole of Europe is undergoing a significant transformation following the European Green Deal. The energy sector in particular provides a range of opportunities in this direction, which in the context of the current situation give not only value but also economic significance,” said WOOD & Company Director of Investment Banking Boris Kostik.

Source: PW Energy