KS Orka acquires majority in Hungarian geothermal heat and power project
Singapore based KS Orka acquires majority in the Turawell, combined geothermal power and heat project in Hungary.
In a press release today, KS Orka Renewables Pte Ltd of Singapore (KS ORKA) announces it has signed an agreement to acquire 51% of Turawell Kft. (Turawell) from the Hungarian owner and project developer Miszori László.
The Turawell Geothermal project is a combined heat and power plant, CPH, where the geothermal fluids from the wells will be used for power production and then for heating of green house and properties in the power plant area. The fluid is then injected into the geothermal reservoir again which enables a sustainable pollution free heating and power production. The technology has its origin in Iceland where 90% of house heating is with pollution free geothermal water and where 99% of the power production is based on renewable energy.
Eirikur Bragason, KS ORKA’s CEO, said, “KS Orka aims to be the leading global developer and operator of geothermal projects. KS Orka has prioritised investments in Asia and Europe and is targeting development of 500MW of power generation capacity over the next five years. The Turawell Project is an important first step in Hungary towards achieving this goal and the first phase 3 MW in planned to be operational within a year.”
KS Orka is a joint venture between Hugar Orka ehf, an Icelandic company and Zhejiang Kaishan Compressor Co., Ltd (Kaishan), which is listed on the China Shenzhen stock exchange. KS Orka combines Hugar Orka’s geothermal and project development expertise with Kaishan’s power plant technology and manufacturing expertise to form vertically integrated geothermal and waste energy company. KS Orka brings to the project some of the most experienced geothermal experts and power project developers in the world.
Source: Release by email