Global law firm Norton Rose Fulbright has advised subsidiaries of STRABAG and RAG on their joint acquisition of Geoenergie Bayern Projekt Garching a. d. Alz GmbH & Co. KG. The company, which will be called Sielnos Energy, will combine STRABAG’s expertise in power station and plant construction with RAG’s experience in deep drilling technology, and mark their entry into Germany’s geothermal sector.
Sielnos will continue with the existing Garching project, a deep geothermal development in Bavaria. On-site works for the first phase of the project will start at the end of this year, with the plant expected to be operational in 2020. It will reach an installed capacity of up to 3.5 MWe (electricity) and 6.2 MWth (heat), meaning that annually up to 26 GWh electricity will be fed into the grid and up to GWh heat can be produced.
The firm advised on due diligence on the existing project as well as on the negotiation and documentation of project acquisition and its filing with merger control authorities.
Dr. Klaus Bader, head of energy, Europe, Norton Rose Fulbright comments:
“STRABAG and RAG’s combined expertise creates a unique offering for the German geothermal market. We are delighted to be able to facilitate their entry into sector.”
Dirk Trautmann, head of infrastructure, Europe of Norton Rose Fulbright comments:
“While STRABAG has been a client of Norton Rose Fulbright for several years, we are delighted to act for RAG for the first time, and look forward to our continuing work to bring this project to fruition.”
The Norton Rose Fulbright team advising on the transaction was led by of counsel in Munich, Dr. Christian Bauer and included: partners Dr. Klaus Bader and Dirk Trautmann; of counsel Sebastian Frech; associate Rima Dressler; and tax of counsel Dr. Frank Bayer. In Brussels partner Michael Jürgen Werner and associate Caroline Freisfeld provided advice on antitrust matters.
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