Norton Rose Fulbright advises Taaleri on investment in Germany’s largest geothermal project

Business October 10, 2017

Global law firm 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 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.

Dr Klaus Bader comments:

“The Höhenrain project will be the largest-capacity geothermal power plant in Germany. Bavaria has a great potential from geothermal energy and we are delighted to be part of this development. The Höhenrain investment is another landmark in our advice of geothermal energy projects, following recent STRABAG/RAG’s purchase of project Bruck. We are currently advising on several other projects on the equity and debt side.” 

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.

For more information please contact:  

Stefanie Kerschke, PR & Communications Executive
Tel: +49 89 212148 339 Mob: +49 174 3452872
Stefanie.Kerschke@nortonrosefulbright.com  

Notes for editors:  

Norton Rose Fulbright  

Norton Rose Fulbright is a global law firm. We provide the world’s preeminent corporations and financial institutions with a full business law service. We have more than 4000 lawyers and other legal staff based in more than 50 cities across Europe, the United States, Canada, Latin America, Asia, Australia, Africa, the Middle East and Central Asia.  

Recognized for our industry focus, we are strong across all the key industry sectors: financial institutions; energy; infrastructure, mining and commodities; transport; technology and innovation; and life sciences and healthcare. Through our global risk advisory group, we leverage our industry experience with our knowledge of legal, regulatory, compliance and governance issues to provide our clients with practical solutions to the legal and regulatory risks facing their businesses.

Wherever we are, we operate in accordance with our global business principles of quality, unity and integrity. We aim to provide the highest possible standard of legal service in each of our offices and to maintain that level of quality at every point of contact.  

Norton Rose Fulbright Verein, a Swiss verein, helps coordinate the activities of Norton Rose Fulbright members but does not itself provide legal services to clients. Norton Rose Fulbright has offices in more than 50 cities worldwide, including London, Houston, New York, Toronto, Mexico City, Hong Kong, Sydney and Johannesburg. For more information, see nortonrosefulbright.com/legal-notices.