Following the acquisition of the Geothermische Kraftwerksgesellschaft Traunreut mbH (“GKT”) from Grünwald Equity in Q1 2022, Equitix has now reached financial close on the refinancing. Astris acted as exclusive financial advisor to Equitix on both processes.
GKT 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 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 refinancing of this combined heat and power geothermal plant in Germany. The transaction shows the attractiveness of refinancings for operational assets benefitting from a strong feed-in-tariff framework.” said Theoharis Saroglou, Director of Astris's Hamburg office.
This is the third successful closing for Astris Germany in 12 months. Currently Astris Germany is advising clients both on the financing of large-scale greenfield projects and on renewable energy M&A processes.