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WFW advises Eavor Group on Chubu investment in German geothermal project25 July 2023

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Watson Farley Williams (“WFW”) advised the Eavor Technologies Inc. Group (“Eavor Group”) on Chubu Global Investment B.V.’s (“Chubu”) acquisition of a 40% stake in the Geretsried geothermal project in Bavaria. The project is the first in Germany to use the innovative underground heat exchanger “Eavor Loop” developed by Eavor Group’s Canadian parent company Eavor Technologies Inc.

With the Eavor Loop, a thermally conductive, environmentally friendly fluid circulates underground in a closed loop system that can be used to generate heat and electricity without the need to find thermal water at drilling sites, thus eliminating the associated risk of abortive drilling. The Eavor Loop technology is seismically safe, scalable and base-load capable, ensuring reliable and independent supply of renewable energy on a long-term basis.

The project will generate electricity and district heating to supply the surrounding communities once the Eavor Loop is successfully installed. The first of a total of four loops is scheduled to start operation in October 2024, with completion of the project planned for August 2026.

Based in Calgary, Canada, Eavor Technologies is an energy company specialising in geothermal technology dedicated to creating a clean, reliable and affordable energy future on a global scale.

Chubu is a subsidiary of Chubu Electric Power Co. Inc. Group, one of Japan’s largest electricity suppliers.

The WFW Germany Corporate & Energy team that advised Eavor Group was led by Corporate and Energy Partner Carolin Woggon supported by Associate Anastasia Khomutova and working closely with Munich Partner Dr Christian Bauer and Transaction Lawyer Tetiana Arkhipova. Hamburg Partner Dr Christine Bader provided regulatory expertise, with Düsseldorf Counsel Thomas Wölfl and Senior Associate Katharina Flehr who advised on real estate law. Hamburg Partner Verena Scheibe and Frankfurt Senior Associate Manuel Rustler advised on the tax aspects of the transaction. Munich Partner Dr. Felix Siebler and Frankfurt Associate Sebastian Hamm advised on European state aid law.

Carolin commented: “This transaction marks a milestone for Eavor Loop technology. Being instructed on this deal once again underlines WFW’s expertise in advising on complex projects in the renewables sector, including geothermal energy”.

Christian added: “We are pleased to have advised our long-standing client on this important strategic investment. Our team provided advise across multiple key service lines to ensure this transaction of importance to Germany’s energy transition closed smoothly and to deadline. We look forward to the project’s ongoing success”.

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