PannErgy sells stake in geothermal heat reseller for HUF 250 mln

Deals

Wikimedia Commons

Geothermal energy company PannErgy yesterday announced the sale of an indirectly owned 40% stake in Geo-Wendung, a company that resells heat from its geothermal wells in Miskolc, to a strategic investor for HUF 250 million, book value, Hungarian news agency MTI reported.

(Photo: Wikimedia Commons)

The sale is part of a portfolio clean-up of non-core activities, PannErgy said. 

The transaction was carried out with the sale of CSRG Energy, which owns the 40% Geo-Wendung stake. CSRG Energy was sold by PannErgy Geothermal Power Plants, in which PannErgy holds a 93% stake.

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