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Dutch geothermal project gets new buyer

A new buyer has come forward for the Californië Lipzig Gielen Geothermie geothermal project in Limburg, the Netherlands. It went bankrupt in late 2020. There was initially a buyer, but they dropped out, despite the deal 'already being far along.' A new buyer has stepped up, and a contract has been signed. "We're further along than ever," trustee Jos Bloo announced in a recent bankruptcy report summary.

The previously interested party was active in geothermal energy. The trustee does not want to say whether the same is true this time. He points out that the purchase agreement is not yet final. Suspensive conditions and a possibility of dissolution had to be added.

The trustee cannot go into detail about the contract but says that, together with expert advisors on the buyer's side (and at the buyer's expense), work is being done to meet the various legal obligations "as well as possible." That is an important condition for the project's future geothermal extraction.

Extraction plan
Before this Dutch project went under, the extraction plan approval request was submitted to the Ministry of Economic Affairs. The State Secretary of Economic Affairs and Climate refused that on June 9, 2022. That decision was appealed to the State Council.

The procedural follow-up may take several months, the trustee writes in the report. After the secretary of state and any other interested parties have made their views known, there will be another hearing at the State Council.

The report further states that selling the company assets could raise more than €316 000. That involves the sale of the above-ground heating plant and its accessories and some loose electrical equipment.

A further bankruptcy report will appear in late May 2023. By then, it will be apparent if the suspensive conditions have been met and the purchase agreement's rescission option has not been invoked.

The bankruptcy case number is F.03/20/233.

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