Germany's Hochtief enters geothermal market

Essen, Germany-based construction contractor Hochtief said today it's forming a venture to build and operate a 5 megawatt geothermal plant.

Hochtief is putting 35 million euros into the venture, which it will control with a 40 percent stake. Called Süddeutsche Geothermie-Projekte, the venture will include Renerco, a renewable energy services company, and financial services provider SachsenFonds. The two companies will each hold 30 percent.

The plant, to be built in Bavaria, is just the first of many for Hochtief, which said it is "positioning itself in good time for the growing geothermal energy market."

The company said it plans, with its partners, to build and operate further power plants, each with an output of four to five megawatts in the South German Molasse basin, where the venture already has the necessary permits.

Hochtief said it will initially focus on the geothermal market in Germany, eventually expanding internationally.

Cleantech developments making news in the past 24 hours

• AES raises $1.58B with China Investment
• Patently unobvious
• Dow’s reverse osmosis tech picked for Australian desal plant

View the last week of cleantech developments here | Subscribe to full feed