Norton Rose Fulbright has advised Taaleri, a financial services company based in Finland, on its investment in Germany’s largest power generation project utilising geothermal energy which is planned to be implemented in the municipality of Icking, south of Munich.
The project consists of five wells to be drilled and the power plant to be built over them.
Estimated to be completed in 2020, the plant will pump 150-degree water from a depth of approximately four kilometres, utilising thermal energy from the hot water to generate electrical power. The target power generation capacity is approximately 30 MW, the equivalent of the power consumption of 50,000 households.
The project has been developed by Erdwärme Bayern, a Munich-based development company specialising in geothermal energy. Together with its customers, Taaleri will be responsible for the equity financing of the construction stage. Erdwärme Bayern will remain in the project as a minority owner.
The Norton Rose Fulbright team advising on the transaction was led by head of energy for Europe, Dr Klaus Bader (M&A) and of counsel Dr Christian Bauer (project finance), with assistance from of counsel Sebastian Frech and associates Stefanie Mösges and Rima Dressler. The firm advised on the current status due diligence and future development project, as well as the transaction documents.
Involved fees earner: Klaus Bader – Norton Rose Fulbright; Sebastian Frech – Norton Rose Fulbright; Stefanie Mösges – Norton Rose Fulbright; Rima Dressler – Norton Rose Fulbright; Christian Bauer – Norton Rose Fulbright;
Law Firms: Norton Rose Fulbright;
Clients: Taaleri Oyj;