German Daldrup & Soehne may buy into local Geo X GmbH

Jul 16, 2013 - German drilling and environmental engineering firm Daldrup & Soehne AG (ETR:4DS) said today it is considering buying a shareholding in local geothermal power plants developer Geo X Gmbh, a subsidiary of Pfalzwerke AG and EnergieSuedwest AG.

Geothermal power specialist Geysir Europe, in combination with Daldrup and Munich-based engineering firm Exorka GmbH, is currently examining the option of purchasing the 50% stake held by EnergieSuedwest in Geo X.

A decision on the matter is expected to be taken by the end of the summer, Daldrup said. Geysir Europe is currently focused on carrying out a due diligence process.

Daldrup announced a few days ago that it will start the construction of a geothermal plant in Taufkirchen, Upper Bavaria, in three weeks. The project has received privileged status from the government in Upper Bavaria, the company said.

The Taufkirchen geothermal plant will have thermal capacity of around 35 MW and electrical capacity of some 4.3 MW. It will thus, once completed, produce 26,000 MWh of electricity per year and 76,000 MWh of heat.

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