Press Releases

Gaea Power GmbH, the German power division of the De Raj Group AG closed the sale of 13 Combined Heat and Power (CHP) plants to the BTV GmbH & Co. KG in Viersen

Cologne, 27th August 2018

Gaea Power GmbH, the German power division and 100% subsidiary of the De Raj Group AG, Cologne, (ISIN: DE000A2GSWR1, Vienna Stock Exchange) closed the sale of thirteen Combined Heat and Power (CHP) plants. 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. Final balance of payments from the total amount of EUR 3.6 million (net) were made now.

Gaea Power will evaluate further opportunities in Germany to pursue 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.