Silenos Energy, a joint venture of STRABAG and RAG Austria, has secured international project financing for the Bruck geothermal power plant located in Germany.
The firm has secured funding from Société Générale of Luxembourg and Erste Bank Group of Vienna, which will finance around 80 % of the total investment through a loan with a term of up to 20 years.
Located in Molasse basin of Bavaria, the Bruck geothermal project is already at an advanced stage, with the two deep wells bored and tested in 2018 and 2019.
Silenos managing directors Christian Steinbauer said: “Geothermal energy with heat extraction is becoming increasingly important for an environmentally friendly energy transition in Germany and the reliable supply of private households and industrial companies with carbon-neutral energy.
“The potential here is recognized and seen as attractive within international banking circles.
“The feed-in tariffs under the Renewable Energy Act are still essential, however, for the profitable operation of such a plant in the Molasse basin. Silenos will continue to be committed to the development of follow-up projects in Germany.”
STRABAG Umwelttechnik of Dresden constructing a 5MW power plant
Currently, STRABAG Umwelttechnik of Dresden is constructing a 5MW power plant, which will be able to supply renewable energy of around 14,000 households in the region.
In addition, the plant will generate an additional heat extraction for the municipality of Garching a. d. Alz.
In October last year, European construction services provider STRABAG was selected by Dubai Electricity and Water Authority (DEWA) for the construction of the Hatta pumped storage power plant in Dubai.
The total contract value of the contract amounts of €340m ($373m) and the construction consortium includes Strabag, Austrian company Andritz and Turkish construction company ÖZKAR İNŞAAT.
Strabag is the consortium leader with a 35% stake or €118m ($129m).
