Turkey’s Efeler geothermal power plant gets US$350mn financing for three new units

Gurmat EFELERThree major development banks are helping Turkey diversify its energy mix with an investment adding close to 100MW in capacity to EFELER, the country’s largest geothermal power plant

The Asian Infrastructure Investment Bank (AIIB), the European Bank for Reconstruction and Development (EBRD) and the Black Sea Trade and Development Bank (BSTDB) are contributing to a financial package worth US$350mn for three new units at the plant.

 

EFELER is located in western Turkey, in the region of the Büyük Menderes Graben basin, the area in Turkey with the greatest potential for geothermal energy.

Gürmat Elektrik, a renewable energy subsidiary of Güriş Holding, is using the finance for the expansion at EFELER that will tap into locally available geothermal resources.

Of the three new units, EFE-6 with 22.6MW capacity and EFE-7 with 25MW are already operational.  Construction of EFE-8 with a capacity of 50MW is underway.

When fully completed next year, the plant’s eight units will have a total installed capacity of 260MW.

Under the financing package, Gürmat Elektrik will receive US$100mn loan from the AIIB, a US$60mn loan from the EBRD and US$ 20mn loan from the BSTDB.

Additionally, Turkey’s commercial lender Isbank is providing US$90mn loan, and the Industrial Development Bank of Turkey and ICBC Turkey are making loans of US$50mn and US$30mn.

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