Burisma Geothermal Acquires Largest Geothermal Project in Italy

February 12, 2016

Burisma Geothermal, Burisma Holdings’s subsidiary that specializes in geothermal energy and electricity production from renewable and clean energy sources in Europe, has acquired one of the largest continental geothermal projects.

“Burisma Holdings, one of the largest gas companies in Eastern Europe, is leading the way with a new global initiative to support development of clean and safe energy from renewable sources. Today, Burisma Geothermal is more important than ever, as Europe seeks energy, political and economic independence from oil and gas rich countries. The EU currently imports more than half of the energy it consumes at a rate of more than €1 billion per day”, says an Independent Director at Burisma Holdings and Burisma Geothermal Devon Archer. 

As a result of intensive teamwork, Burisma signed an agreement with the international group Gesto Investimento e Gestão (GIG) to acquire 86% share in three projects. GIG has vast experience working on major international geothermal projects in Africa, Asia, America and Europe.

“We believe that the current shareholder structure will enable us to implement the project efficiently and timely. It fits perfectly into our strategy for the development of alternative energy sources in view of the presence in our experience of deep drilling and drilling capacity. We appreciate recognition of the role that Burisma plays in promoting energy security in Europe”, says an Adviser to the Board of Directors at Burisma Holdings Vadym Pozharskyi.

According to the agreement, Burisma Geothermal gets license rights for 3 projects, including Mazzolla, Cinigiano and Montenero. Drilling works for the first wells are scheduled for the spring of 2016 with projected depth of 2250 m. The newly acquired 35 MW geothermal portfolio has the installed capacity greater than all of Germany in 2014 (34 MW).

Today, Italy holds around 8 percent of the world’s geothermal capacity. In 2010, the Italian government adopted measures to open geothermal electricity production to foreign investors.  Burisma is glad to join the Italian geothermal market and conduct research and development of Larderello, one of the largest geothermal fields in the world.

Founded in August 2015, Burisma Geothermal is a subsidiary of Burisma Holdings. The key objective of the company is development of projects in the field of alternative energy, including design and construction of industrial geothermal power plants.

For more detailed information please contact our press-center: media@burisma.com

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