Burisma Geothermal successfully continues exploring investment opportunities in Europe

February 11, 2016

Burisma Geothermal, a fully owned subsidiary of Burisma Holdings, focused on alternative energy development from renewable sources, continues to explore investment opportunities in Europe in the field of geothermal energy.

Following the invitation of the Italian government and regional authorities, in February 2016 Burisma Geothermal’s team visited Tuscany region to identify new potentially interesting projects in the field of renewable energy. In February 2010, the new legislation in Italy entered into force and geothermal electricity market opened its doors to welcome foreign investors. Currently, Italy holds 8% of world’s geothermal capacity and is interested in continuing research and development of Monte Amiata and Larderello, one of the largest geothermal fields in the world, located in Tuscany region.

“Even though we announced our strategic goal to develop new and secure energy only in August 2015, Burisma Geothermal has already become the first company in Central and Eastern Europe to join the global movement on development of environmentally friendly and safe electricity from renewable energy sources. The recognition of the goal to contribute to Europe’ energy security by the European states and governments, is extremely important for us”, – noted the Advisor to the Board of Directors at Burisma Holdings Vadym Pozharskyi.

In particular, the company received support from the Ministry of Economic Development of Italy. According to Director General of the Department of Mineral and Energy Resources at the Ministry Franco Terlizzese, in 2016 the Ministry is planing to finalize the reform of licensing documentation. This will enable foreign investors to implement projects on drilling and construction of geothermal power plants more efficiently.

Local authorities also contribute to the development of most of the state’s energy security strategy aimed at diversifying sources of energy and development of alternative energy. In the Tuscany region, primarily due to the development of geothermal energy. This strategy allows the region to attract significant investment in the geothermal resources of the industry, creating jobs and contributing to the development of communities. As Renata Laura Caselli assured, the administration of Tuscany region will be doing its best to assist investors in obtaining permits and providing favorable business environment for potential investors.

During the meeting with Ms Caselli, Vadym Pozharskyi assured the regional authorities that Burisma Geothermal would be also engaging Italian companies in project development, as their expertise is highly regarded worldwide. In fact, working with local experts will help implement projects with maximum adaptability to make them environmentally friendly the landscape of the region. Among the potential partners in Italy, Advisor to the Board of Directots at Burisma Holdings named companies, including Steam / Sintecnica, Turboden, as well as a number of drilling companies that Burisma Geothermal will be cooperating with.

Burisma Geothermal’s team enjoyed the first-hand experience of Steam / Sintecnica capabilities and discussed further cooperation on a number of projects. Steam / Sintecnica has been developing projects in Italy since 1987, and is widely recognized as the N1 private company in Italy with the experience in developing geothermal resources and drafting project documentation for the construction of geothermal plants. Among its partners, geothermal market leaders, including ENEL Green Power, ELC Electroconsult, DAL, Geotermica Italiana, etc.

Apart from that, Burisma Geothermal discussed equipment supply and design possibilities with Turboden, a leading European company in development and production of ORC (Organic Rankine Cycle) turbogenerators.

Earlier the Board of Directors at Burisma Holdings approved the program on development of geothermal projects in Europe with the prospect to become one of the largest operators of geothermal electricity on the continent. Thus, Burisma Group will be successfully implementing the European Energy Strategy.

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

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