The upcoming projects of geothermal power plants in the districts of Prešov and Žiar nad Hronom have acquired a new strategic partner. The stake in PW Energy, which is active in both projects, was acquired by the investment group WOOD & Company.
PW Energy agreed on a business partnership with the WOOD & Company investment group, which acquired a significant minority stake in the company's ownership structure.
The Slovak company PW Energy, as operates in the field of renewable energy sources with a focus on geothermal energy. Its goal is the realization of geothermal centers for the production of electricity (geothermal power plants) with the possibility of using residual heat for households and companies.
The company is currently implementing a project for the construction of a geothermal power plant near Prešov and, through its subsidiary PW geoenergy as, is also participating in a similar project near Žiar nad Hronom. SSE Holding is a strategic partner in the Žiars project .
A partner with rich know-how
PW Energy perceives the partnership of the investment and financial group WOOD & Company as a sign of confidence in both projects and a significant impetus to the use of geothermal energy in Slovakia.
"In times of energy crisis, making renewable energy sources available as quickly as possible is crucial. Geothermal energy is experiencing great growth all over the world, and in Slovakia it represents a permanently available alternative that can be a local and safe source producing green electricity and heat. We are glad that in the form of WOOD & Company we have acquired an important partner with more than 30 years of experience from many successful projects," said Milan Jankura , chairman of the board of directors of PW Energy and PW geoenergy, regarding the transaction.
WOOD & Company is constantly looking for new investment opportunities in European markets. In Slovakia, in addition to the healthcare, pharmaceutical and real estate sectors, he has been active for a long time in the field of waste management and circular economy (companies KOSIT and ewia). In the Czech Republic, it owns, among other things, a network of biogas stations. The group declares that it takes into account not only the business, but also the environmental nature of acquisitions, and when making a selection, it follows ESG (Environmental-Social-Governance) principles. In partnership with PW Energy, it emphasizes the current energy crisis and the need to find an alternative to fossil fuels.
"Due to climate change, the whole of Europe is undergoing a significant transformation following the European Green Deal. The energy sector in particular provides a range of opportunities in this direction, which in the context of the current situation give not only value but also economic significance," says Boris Kostík , director of investment banking at WOOD & Company.
"It is also an investment in geothermal projects, as it is a stable, renewable and predictable source of energy. We see cooperation with PW Energy as an ideal combination of ESG principles and investment with a reasonable rate of return," Kostík added.
Projects are reaching the implementation phase
The geothermal power plant projects near Prešov and Žiar nad Hronom are in the final phase of the environmental impact assessment (EIA). The process was preceded by the preparation of project documentation and an extensive field survey in cooperation with experts, which confirmed the significant geothermal potential of both locations.
In the case of the first stage of the projects near Prešov and Žiar, the installed capacity is to be 6.3-6.5 megawatts (MWe) . Geothermal energy will be obtained through deep wells, electricity and heat production will take place in modern technological equipment on the surface. The utilized hot water with an expected temperature of 130-140 degrees Celsius will return to the subsoil through reinjection wells after transferring its energy potential.
The total energy potential of each of the locations is estimated at up to 20 MWe, which represents the potential production of green energy for tens of thousands of households , as well as the possible use of residual heat through CZT (central heat supply) for heating buildings, in industry, agriculture or for recreational purposes.
Both projects of geothermal power plants should enter the implementation phase within the next year. Completion of the first stage and start of operation is planned for 2027.
About the company PW Energy, as
PW Energy focuses on the use of geothermal energy as a valuable renewable resource. In the Prešov district, a project is currently being implemented using available geothermal resources for the purpose of producing green electricity and heat. It is cooperating with SSE Holding on the project in the Žiari nad Hronom district, which is being implemented by the subsidiary PW geoenergy. PW Energy is a member of EGEC (European Geothermal Energy Council), a non-profit international organization founded in 1998 that supports the geothermal industry in Europe, as well as the Slovak Association of Photovoltaic Industry and Renewable Energy (SAPI).
About the WOOD & Company group WOOD
& Company is an important financial and investment group with a leading position on the Central European market. Its portfolio includes the management of investment assets and trading on stock exchanges with an annual turnover of 25 billion euros. It also deals with consulting in the field of corporate finance, bond issues or providing consulting services for the most important M&A transactions in the region. You can find more information about WOOD & Company at wood.cz.
