Weihleim – Enel Green Power announced today iuts entry into the German renewables market with the acquisition of a 78.6% stake in Erdwärme Oberland GmbH (“EO”) from Erdwärme Bayern GmbH & Co., a company specializing in the development of geothermal projects in Bavaria. The acquisition came into effect through the issue of new shares in EO for a total consideration of €22 million to cover the initial investment required for the project. With this, Enel Green Power, a company dedicated to renewable energy around the world, enters the German market bringing the most advanced technology and experience in the field of geothermal energy. EO recently developed a project for the construction of a geothermal plant, whose maximum expected capacity is of approximately 26 MW. The project, located near Weihleim, about 50 km south-west of Munich, will be developed in consultation with local communities, starting with a mining exploration concession granted by the Bavarian Ministry for Economic Affairs, Media, Energy and Technology, valid for three years as of December 2015. EO will start its geological explorations in 2016. (9Colonne)
