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Schoenherr Advises OMV on Geothermal Energy Joint Venture with Wien Energie

Schoenherr Advises OMV on Geothermal Energy Joint Venture with Wien Energie

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Schoenherr has advised OMV on establishing a geothermal energy joint venture with Wien Energie. Schima Mayer Starlinger reportedly advised Wien Energie.

The transaction remains contingent on regulatory approval.

According to Schoenherr, “OMV and Wien Energie plan to jointly tap, develop, and utilize deep geothermal energy in the Greater Vienna area. Based on further exploration of the Vienna Basin and tapping of the existing potential, deep geothermal plants are to be developed, constructed, and operated.”

According to the firm, Austrian energy provider Wien Energie, “operates numerous heat generation plants and one of the largest district heating networks in Europe. By 2040, the company aims to make district heating generation completely carbon-neutral. Geothermal energy plays a decisive role in this. In cooperation with partners such as OMV, Wien Energie has been researching the potential in the Vienna region for many years and plans to build the first deep geothermal plant in Aspern as soon as 2026.”

Furthermore, according to Schoenherr, “OMV brings decades of experience in the fields of geology and geophysics as well as drilling and production technology. With more than 60 years of exploration and production in the Weinviertel region (Lower Austria), OMV has unique knowledge of the existing geological formations, which will benefit the joint venture. The use of deep geothermal energy is a stated goal of OMV's Strategy 2030 to provide low-carbon-dioxide forms of energy in the future.”

Back in 2020, Schoenherr advised OMV on its acquisition of a 39% stake in Boralis AG from Mubadala for USD 4.68 billion (as reported by CEE Legal Matters on April 17, 2020).

Schoenherr’s team included Partners Alexander Popp, Franz Urlesberger, Bernd Rajal, and Marco Thorbauer, Counsels Johannes Stalzer and Teresa Waidmann, Attorneys at Law Alfred Amann, Nina Zafoschnig, and Felix Schneider, and Associates Julia Cuder, Anna Reumann, and Tobias Hayden.

Schoenherr at a Glance

Schoenherr is a leading full-service law firm providing local and international companies stellar advice that is straight to the point. With 15 offices and 4 country desks Schoenherr has a firm footprint in Central and Eastern Europe. Our lawyers are recognised leaders in their specialised areas and have a track record of getting deals done with a can-do, solution-oriented approach. Quality, flexibility, innovation and practical problem-solving in complex commercial mandates are at the core of our philosophy.

Firm's website: www.schoenherr.eu