The geothermal plant will be developed by Erdwärme Bayern which will continue to take part in the project as a minority owner. It will be located in Icking municipality, south of Munich.
Taaleri will handle the equity financing of the plant at the construction stage.
Taaleri deputy CEO Karri Haaparinne said: “For Taaleri, this project is part of a larger strategic whole. Together with our customers, we have invested in renewable energy for a several years already, first in Finland and now also internationally.
“Geothermal energy is a new and interesting area for which we have sought skilful partners.”
Planned to be completed in 2020, the German geothermal plant is expected to meet the power consumption needs of 50,000 households.
Work on the new Ickling power project is set to begin, having secured the necessary mining permits.
According to Taaleri, the geothermal facility will pump 150-degree water from a depth of about 4km. It will use thermal energy of the hot water to produce electricity.
Claimed to become the largest geothermal power plant in Germany, in terms of capacity, the project will drill five wells. The power plant is being planned to be built over the wells.
Erdwärme Bayern CEO Markus Wiendieck said: “In Germany, the geology is ideal for deep drilling. Successful implementations have already been carried out in the area.
“Because the energy is generated deep in the reservoir, the project does not require outsized structures on the surface. Nevertheless, drilling to the depth of several kilometres is always a demanding venture.”
