Hogan Lovells advises Chubu on participation in a geothermal project in Geretsried, Germany
Led by Hamburg partner Dr Alexander Koch, global law firm Hogan Lovells has accompanied Japanese electric utilities provider Chubu Electric Power Co. Inc. on the acquisition of an equity participation in Eavor Erdwärme Geretsried GmbH via a share capital increase. Eavor Erdwärme Geretsried GmbH is engaged in the world's first geothermal power generation and district heat supply project utilizing the closed-loop geothermal technology by Eavor Technologies Inc.
This project will use the Eavor-Loop Technology to drill four closed loops approx. 5,000 meters deep underground, circulating water in the closed loop to extract underground heat for electric power generated using an Organic Rankine Cycle (ORC) system, and for district heat supply. The drilling of the first loop started in July 2023, with partial commercial operations expected in October 2024. This Project is recognized as an innovative technology to achieve the transition to carbon neutrality and will receive a grant in the amount of approx. EUR 90 million from the EU Innovation Fund.
In addition to participating in this innovative project, Chubu plans to further utilize the technology in the domestic market and other locations.
Hogan Lovells has provided legal advice on all aspects of the transaction, including due diligence, regulatory clearance, as well as the negotiation of the transaction documents. In the past, a team led by Alexander Koch also advised Chubu on its strategic investment in Eavor's Canadian parent company, Eavor Technologies Inc.
Hogan Lovells team for Chubu Electric Power Co. Inc.
Dr Alexander Koch (Partner), Joy Baur, Gesa Unland-Miramov (both Senior Associate), Dr Daniel Schwiete (Associate) (all Corporate);
Dr Marc Schweda (Partner), Nikita Ivlev (Senior Associate) (both Antitrust);
Dr Norbert Heier (Partner), Fabian Reischauer (Senior Associate), Dr Laura Iva Savić (Associate), Christina Kaufhold (Projects Associate) (all Real Estate);
Dr Christian Knütel (Partner), David Gherdane (Senior Associate), Anna Leah Tabios Hillebrecht (Senior Associate) (all Infrastructure, Energy, Resources and Projects);
Bastian Englisch (Senior Associate) (IPMT);
Dr. Stefan Schröder (Partner), Dr Denise Leinders, Maria Kern (both Associates) (all Regulatory);
Dr. Mathias Schönhaus (Partner) (Tax);
Dr Christian Ritz (Partner), Dr Lukas Rengier (Counsel) (both Antitrust);
Dr Marius Plum (Senior Associate) (Tax);
Stefan Kirwitzke (Senior Associate) (Global Regulatory);
Jacob Hoogslag (Senior Associate) (Corporate).