Climeon bags first order for geothermal power plant in Germany

Climeon has clinched first major order for a geothermal power plant in Germany, and its first order that will operate on original oil and gas infrastructure from the Bavarian energy provider Geoenergie Kirchweidach (GEK). On November 29 2017 Climeon entered a LOI with GEK .

The deal enables GEK to utilize the excess heat of geothermal plant delivering heat to the local greenhouse business and the city of Kirchweidach. The modular Climeon Heat Power system will work in conjunction with the heating and it is estimated that the first phase will annually deliver 14 000 MWh of electricity to the grid. The order is for 16 modules, with an option for GEK to order additional modules in a second phase to expand the production to more than 20 000 MWh annually. Baseload Capital Sweden AB will be involved in the financing of the deal.

Wolfgang Hageleit, Founder GEK said “The high efficiency combined with the modular solution made the Climeon heat power system the obvious choice for GEK. With this project we take an important step to begin providing clean Geothermal heat power to the beautiful municipality of Kirchweidach and later on to entire Germany”

Magnus Brandberg, Founding partner, Baseload Capital Sweden AB claimed “To invest in Geothermal heat power is good for many reasons. A long-term electricity contract (PPA) as strong financial base and a reliable 24/7 power production makes this an attractive and low risk project at the same time as we can accelerate the transformation from fossil to green energy”