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, 27 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.
About the De Raj Group:
The De Raj Group AG is listed in the market segment "Standard Market Auction" on the EU-regulated market (Amtlicher Handel) of the Vienna Stock Exchange (Wiener Börse) since Feb 8th, 2018. The shares are also listed since March 23rd, 2018 at the Open Market in Frankfurt / Main and at XETRA of Deutsche Börse AG.
The De Raj Group is strong in the Oil & Gas sector and Power Generation sector, where it owns and operates strategic equipment/facilities in both of these sectors which are provided on mid- to long-term lease to the market. In the Power sector, it was involved in both conventional power generation and CHP (Combined Heat and Power) generation. The Group is embarking on an international expansion plan in the Middle East and the Asia Pacific region.
The Oil & Gas division of the Group provides specialist services supported by IP patents for the full spectrum of the upstream Oil & Gas supply chain, particularly in the South East Asian region. The Group owns a diversified portfolio of assets comprising jack-up rigs and topside equipment. These jack-up rigs, with the readily available equipment can be modified quickly to suit client requirements for offshore facilities in the development of marginal fields, including as well enhancement of production in producing fields. This supports very well Oil companies desire for early monetisation of hydrocarbon with cost effective solutions.
For further information:
De Raj Group AG
Phone: +49 6171 919 24 40
Issuer: De Raj Group AG
Phone: +49 221 299 85 07
FAX: +49 221 299 85 08
Stock market: Vienna Stock Exchange, Standard Market Auction
Deutsche Börse, XETRA and Open Market
Index: WBI Wiener Börse Index (All Share Index Vienna Stock Exchange)
27.08.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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