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27.01.2011 16:16
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Enel Green Power has reached an agreement with the Turkish group Uzun for the development of geothermal plants in Turkey. This was announced in an official press release by the company.
In particular, the agreement provides for the establishment of a research and exploration company, owned and managed by EGP, with Meteor, a company that is 70% owned by Uzun and 30% by Turkish geothermal consultancy group G-Energy.
The new company will hold a package of 142 exploration licenses in the west of the country, where it will carry out surface and deep exploration activities with the aim of finding geothermal resources suitable for the generation of electricity and heat.
The licenses were acquired by Meteor under a law which allows private parties to invest in research for geothermal resources with a view to exploiting them for electricity, heating and in agriculture.
Enel Green Power will finance the initial surface exploration with a view to identifying the areas most suitable for the development of geothermal projects, resulting in what could be one of the most important centres of geothermal activity in Turkey. Meteor will participate in Enel Green Power's investments in both surface and deep exploration on a pro-rata basis.
Individual companies (with Enel Green Power again the majority shareholder) will then be formed to develop each geothermal project in the various areas involved.
To date, installed geothermal capacity in Turkey totals 86 MW. The government's five-year plan through 2015 envisages the development of an additional 600 MW of installed capacity for electricity generation. With the introduction of the law of December 29, 2010 governing the system of incentives for the production of electricity from renewable resources, the Turkish legislative and regulatory framework provides for a 10 year-incentive that varies depending on the energy resource involved, complemented by a further incentive for the first 5 years if the equipment used is manufactured in Turkey.
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