Turcas Petrol earmarks $65m for 16 MW geothermal project in Turkey

Screenshot from Turcas Website
Alexander Richter 18 May 2015

Turkish oil firm Turcas Petrol wants to diversify into geothermal and other renewables to "qualify for guaranteed power-purchase rates from the state".

At the recent World Geothermal Congress in Australia, Turkey was laureated as one of the country with more geothermal development happening in the last few years. It seems like this trend is continuing since last week, Turcas Petrol AS, a local fuel retailer said that it will keep investing in renewable energy in order to “diversify its assets and take advantage of Turkish government incentives for clean power.” according to Bloomberg.

The same source states that “the company has earmarked $65 million for a 16-megawatt geothermal plant in the western province of Aydin with its Ankara-based partner BM Muhendislik, Chief Executive Officer Batu Aksoy said Wednesday.”

The company has shown inclinations that it wanted to diversify into the growing renewable market in the past and more particularly into the geothermal industry having done drilling in several provinces. Bloomberg mentions that “by adding clean-energy capacity, the company would qualify for guaranteed power-purchase rates from the state.”

The geothermal plant is expected to be operational in 2017.

Source: Bloomberg