News

CORRECTION: Finnish investor writes off investment in geothermal project in Bavaria

Drilling pad, Weilheim, Bavaria (source: Erdwaerme Oberland)
Alexander Richter 11 May 2018

Following unsuccessful tests of the first well drilled for the Weilheim geothermal project in Bavaria, Germany, the Finnish majority shareholder Taaleri Investments has now written off the investment. An earlier version of the article wrongly referred to the Icking project. We apologise.

Correction: An earlier version of this article referred to the Icking project, that is wrong. The project related to this news is the Weilheim project in Upper Bavaria, Germany.  We apologise for the mistake

Following tests on the first well drilled for a geothermal project by Erdwärme Oberland in Bavaria, the Finnish investor and majority shareholder Taaleri Investments has now written off the investment.

Taaleri Investments Ltd, part of the Taaleri Group, acquired the majority shareholding in Erdwärme Oberland GmbH (86.42% of shares and votes) from the Italian energy-company Enel on March 12, 2018, as we reported.  Taaleri Investments Ltd.’s purpose is to invest in electricity and district heating projects which are utilizing geothermal energy production located in the federal state Bavaria in Germany. Erdwärme Oberland GmbH controls one of the projects.

Unfortunately, the tests on the first geothermal energy production site have proven that the project on the site in question is not commercially viable and, Taaleri Investments Ltd records hence a loss of approximately EUR 2.5 million, visible in Taaleri Groups half year results 2018.

The project in question does not cause a loss to Taaleri’s customers that have invested in Taaleri Georahasto I or in the co-investment Taaleri Geoenergia.

Taaleri’s long-term financial targets remain unchanged.

Source: Company release via Globe News Wire