Gaea Power closes on sale of 13 CHP units to BTV in Germany
Gaea Power GmbH, the German power division and a wholly-owned subsidiary of the De Raj Group AG has announced that it has closed the sale of 13 Combined Heat and Power (CHP) plants to compatriot BTV GmbH & Co. KG in Viersen, Germany.
According to a statement, eight of the thirteen units were adapted to accept renewable palm oil with six operating within the vicinity of Viersen, Germany. The Group couldn’t place two of the adapted units at suitable locations in the past five months. The final balance of payments from the total amount of EUR 3.6 million (net) was made now.
Gaea Power will evaluate further opportunities in Germany to pursue the leasing of equipment for power generation providing it is still powered by a clean energy source. Gaea Power will also continue to look for opportunities worldwide for similar businesses with better IRRs and is currently in the process of evaluating some opportunities in the Middle East. It will even consider larger combined cycle power plants. About the De Raj Group: The De Raj Group AG
Operating in the oil & gas and power generation sectors De Raj Group AG owns and operates strategic equipment/facilities in both of these sectors which are provided in mid- to a long-term lease to the market.