EBRD Funds Turk Geothermal

The European Bank for Reconstruction and Development (EBRD) has announced the completion of a $720mn, 15-year financing package to expand Turkey’s Efeler power station near the western town of Germencik into the country’s largest geothermal plant.

The plant is being built by Turkish renewables firm Guris Holding and will have generating capacity of 170MW when it is completed later this year. Three of the plant’s five units are already operational, and it will be one of the world’s 10 largest geothermal plants when fully operational.

EBRD says it is providing a $200mn loan to Guris, alongside loans of $325mn from Turkey’s Isbank, $130mn from Turkey’s TSKB and $65mn from the Black Sea Trade and Development Bank. EBRD says Turkey’s geothermal generation potential is around 4GW, of which only 427MW has been developed to date. (CONTINUED - 333 WORDS)