Astris advised Equitix on the acquisition of 100% of the shares in Grünwald Equity Geothermie GmbH (“GET”). The plant was sold by Grünwald Equity. Astris Finance acted as buy-side financial advisor to Equitix.
GET is a geothermal combined heat and power generation facility connected to a district heating network in Bavaria, Southern Germany. The plant was commissioned in 2014 and currently has 42 years of remaining operating life, its primary objective being the production of electricity and heat from thermal brine energy. The generation facility has an electricity generation capacity of 5.5 Mwel, with an expected yearly production of c. 34 GWh, and a heat generation capacity of 12 MWth, with an expected yearly production of c. 43 GWh. The project will help avoid c. 20kt of CO2 emissions per year.
”We are very pleased we advised Equitix in connection with the acquisition of this combined heat and power geothermal plant in Germany. The transaction shows the attractiveness of the German market and underpins once again that international investors are keen to invest in operational assets which benefit from a strong feed-in-tariff framework.” said Theoharis Saroglou, Director of Astris's Hamburg office.
This is the second successful closing for Astris Germany in six months, following the Q4-2021 closing of the sale of a wind portfolio managed by German asset manager KGAL to Italian renewable IPP ERG, for which Astris acted as sell side advisor to KGAL.